Did you know that Canada's five big banks are among the top 20 funders of fossil fuels in the world? Since 2015, when Canada committed to the Paris Agreement to limit warming to 1.5 degrees celsius its five largest banks - RBC, TD, Scotiabank, BMO and CIBC - have funnelled over $911 billion into oil and gas, according to the most recent Fossil Fuel Finance Report Banking on Climate Chaos.
Even more disturbing: last year reflected a huge increase in investment, at $131 B, after a slight downward trend.
Part of that money - your money, if you're a customer - provides the financial backing for controversial projects like the Coastal GasLink pipeline and Trans Mountain Pipeline, which are violating Indigenous rights and keeping Canada locked into fossil fuel infrastructure.
Anyone concerned about the health of our kids, now and in the future, knows this needs to change. Imagine the impact that money could make if it were invested instead in innovative solutions to the climate challenges we're facing.
That’s why we want you to be part of our new Banking For Our Kids Campaign, and join the national movement to take action against fossil finance!
We believe parents and grandparents can use our superpower - our love for our kids - to motivate banks to stop bankrolling the climate crisis and start investing in a safe future for all of us. We also believe that, as caregivers, we can make this conversation mainstream and accessible, because we all have a right to know where our money is going and demand better.
How can you get involved?
Sign up here to get email updates and invitations to bank-focused meetings and calls to action. We hold regular meetings, workshops and talks to build your skills and knowledge.
Check out our Banking For Our Kids Campaign Update to find out what's happening this spring! We're participating in national action, and doing sessions on how to move your money for climate justice, sustainable investing 101, the role of bank regulation and more. We've also created a Stop Dirty Banks Toolkit that will help you take action as we gear up for bank AGM season in April.
Can’t make it to an event or meeting? Reach out to our banks campaign organizer Gabrielle Willms at [email protected] to learn more about how you can support or to share any suggestions or ideas – we want this campaign to reflect your interests, skills and creativity!
In the meantime, here are a few resources to get started!
This Resource List is a great way to learn more about how banks are financing fossil fuels and climate change.
All working Canadians are members of at least one of the top 10 pension funds that invest more than $2 trillion in retirement savings, often into fossil fuels. Getting banks and pension plans to change their investment policies is possible. Check out these ideas and choose the one(s) that fit for you.
For more about pension plans here's a step-by-step guide from Shift Action for Pension Wealth and Planet Health
Here's good info about actions aimed at Canada's Top Banks AGMs
RBC Revealed has much more on the impact of investment in fossil fuels
Have kids or grandkids starting on their own banking journey? Check out Banking on a Better Future for youth actions
For more info on contacting your bank or taking your business elsewhere, check out the Bank Switch site.