Tell MPs to hold Bank CEOs accountable

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We all deserve to breathe clean air and a future that’s safe and abundant. But, a handful of bank CEOs in Canada, led by RBC, have pumped nearly a TRILLION dollars into destructive fossil fuel projects since 2016, putting a climate safe future at risk.

Now, for the first time ever, Canada’s Big Five Bank CEOs have been summoned to Parliament on June 13 to explain their role in banking on climate chaos. The CEOs first refused to attend, and wanted to send their lobby group instead, but the House of Commons’ Environment Committee compelled them to show up.

These bankers will do everything to dodge accountability for their record of dirty investments and profiteering from climate chaos.

A landmark report last month revealed that the Big Five Canadian banks – RBC, Scotiabank, TD, BMO and CIBC – are among the 20 largest fossil fuel financiers in the world. The Big Five pumped $103 billion (USD) into dirty energy in 2023 alone, during the hottest year on record. All five also rank at the bottom of 100 global banks for investing in renewable energy.

Will you take two minutes to send a message to MPs, urging them to ask the CEOs tough questions and hold them accountable?

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Member Laurel Collins

New Democratic Party of Canada

Vice Chair Monique Pauzé

Bloc Québécois

Chair Francis Scarpaleggia

Liberal Party of Canada

Vice Chair Dan Mazier

Conservative Party of Canada

Member Shafqat Ali

Liberal Party of Canada

Member Sophie Chatel

Liberal Party of Canada

Member Gerard Deltell

Conservative Party of Canada

Member Michael Kram

Conservative Party of Canada

Member Branden Leslie

Conservative Party of Canada

Member Lloyd Longfield

Liberal Party of Canada

Member Leah Taylor Roy

Liberal Party of Canada

Member Adam van Koeverden

Liberal Party of Canada

Dear members of the Environment and Sustainable Development Committee,

Thank you for summoning the bank CEOs after they rebuffed your invitation. They have a lot to answer for after reading this month that Canada’s Big 5 banks are amongst the biggest fossil fuel financiers in the world. They pumped over $100 billion (US) into destructive fossil fuel projects in 2023 alone – the hottest year on record. This puts them in the top 16 banks globally.

These bank CEOs are directly responsible for funding climate breakdown, and it’s unacceptable that there are zero rules or consequences for them and their companies, as the rest of us face another summer of choking on wildfire smoke or evacuating our homes. These same banks are also vastly underfinancing renewables and real climate solutions, slowing the energy transition.
Dear members of the Environment and Sustainable Development Committee,

As a member of the ENVI Committee, you are our collective voice. I urge you to hold bank CEOs accountable, and ask one of these questions:

1. On explosive emissions: Canada’s top fossil bank, RBC, disclosed a bombshell data point a few months ago: RBC’s emissions from financing oil and gas companies are equal to emissions from ALL cars and light trucks in Canada, every year. This is a shocking amount of pollution that a single company – RBC – finances and is responsible for every year. To RBC CEO: What are you doing to cut this in half over the next 6 years, as scientists say must happen to avoid more fires and floods?

2. On rampant greenwashing: Canadian banks are still financing an expansion of fossil fuels which goes against our need for a clean energy transition. Last year, RBC (#4) and Scotiabank (#6) both made the list of top 10 banks around the world financing fossil fuel expansion – new oil and gas pipelines and power plants that  lock in new emissions for decades to come. When will you stop greenwashing and doublespeak with “climate plans” when in reality you’re pouring fuel on the fire?

3. On dirty lobbying: Canada’s Big Five banks are infiltrated by oil and gas execs. One in five of bank board members also sit on the board of an oil and gas company. No wonder Canada’s big banks are actively lobbying against climate action. Will you end your lobbying against bills (such as the Climate-Aligned Finance Act in the Senate, the emissions cap in Parliament), and stop holding Canadians back from the clean energy future we deserve?

We don’t need more deflection and greenwashing from the banks, which are amongst the dirtiest banks in the world. We deserve accountability, real plans and real action to avoid the worst of climate chaos.

Sincerely,
Chris Faiers

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