Your bank funds climate disasters
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- Published on Sunday, 29 November -0001 16:00
- Written by editor
Give them hell
Hi Paov,
There’s a running joke among climate activists in this country: Canada is a few banks and oil companies in a trenchcoat.
It’s a bit too real lately since our friends at Stand discovered ALL the major banks are now funding the Trans Mountain pipeline expansion, backed with a loan guarantee of your tax dollars.
Despite Finance Minister Chrystia Freeland’s assurances that no more public money would go to the boondoggle project, the federal government secretly secured another $10 billion in financing from TD, CIBC, BMO, RBC, Scotiabank and National Bank. Can you write a letter breaking up with these banks?
If you still have a bank account with one of the major Canadian banks, let them know you’re closing it and moving your money to a local credit union. You can hit them where it hurts in the only language they understand. Fossil fuel companies and financiers must be stopped. Make sure they know you’ll no longer invest with the companies responsible for climate change.Who on Earth would lend Trans Mountain money? The federal government has only secured financing for its pipeline by guaranteeing these banks their money back with interest — essentially free money. Canadians will lose many billions of dollars on this project. Billions that should be going to fight climate change instead of making it worse.
This price tag is, of course, before you include the escalating costs of climate disasters already pummeling our communities. Trans Mountain will only expand the tar sands and increase the production of some of the most polluting oil on the planet. WRITE NOW Even as wildfires, heat waves, flooding, droughts and storms cost billions of dollars and hundreds of lives, Canadian banks and the federal government are teaming up to shovel money on a pipeline that will make conditions worse. If you’re half as furious as I am, I promise venting your anger at these financial institutions will help.
For the wild,
Peter McCartney
Climate Campaigner
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