Regulate Canadian banks
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- Published on Sunday, 29 November -0001 16:00
- Written by editor
The Big 5 Canadian banks are fueling climate change by financing fossil fuel companies. But the Canadian bank regulator, OSFI, has the power to rein this dirty financing in. OSFI wants to hear from the public and the deadline is in 3 days. Send a message saying Canadian banks must stop fueling the climate crisis.
A,
Earlier this month, my two-year-old and I had to stay indoors for 72 hours to protect ourselves from the smoke from the climate change-induced wildfires covering BC. This is the second September of his short life that we had to keep him away from poor air quality caused by climate change. And it won’t be his last, especially if corporations and regulators don't take action now.
RBC, TD, Scotiabank, BMO, and CIBC have promised to address climate change – but their words are empty. The Big 5 Canadian banks have collectively poured over $900 billion into fossil fuels since... 2015, directly financing climate change that’s causing devastation all over the world – from floods in Pakistan to wildfires in Europe.
It’s clear that without regulation banks will continue to choose profits over people and a safe, livable climate. But the Office of the Superintendent of Financial Institutions (OSFI) has the power to rein in these banks. OSFI is calling for public comments on how Canadian financial institutions should address climate risk and the deadline is this Friday.
To avoid climate catastrophe, big banks like RBC and TD need to step up and pull their investments from the fossil industry urgently. And OSFI has the power to push banks like RBC to reduce its investment in fossil fuels.
But OSFI needs to hear from you, the public, that you support having stringent rules on limiting banks' ability to invest in fossil fuels.
We know that when we take action against Canadian banks, we can make a difference. In 2020, SumOfUs members like you launched a campaign calling on TD Bank to divest from Trump’s favourite private prison company, GEO Group. And within 24 hours, TD promised to recommit to never investing in the GEO again.
And if we speak out now, OSFI will be forced to rein in Canadian banks' investment in fossil fuels.
Thanks for all that you do,
Angus and the team at SumOfUs
More information:
Canadian Banks Keep Financing Fossil Fuels. The Tyee. 31 March 2022Advocates urge regulation of banks’ climate commitments to avoid greenwashing. Corporate Knights. 16 September 2022
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