Since the Paris Agreement, Canada’s Big Banks have invested over $900 billion in fossil fuels, pushing us further into climate chaos and financing projects that violate fundamental Indigenous rights. We need banks to stop funding the climate crisis and start investing in a liveable future now, but they won’t do it unless they’re forced.
Two Quick Actions with Big Impact
Each action can take less than 30 minutes. Deadline: Sept. 30
1. Public consultation: Climate Risk Guidelines for Canada's Banks
Since the Paris Agreement, Canada’s Big Banks have invested over $900 billion in fossil fuels, pushing us further into climate chaos and financing projects that violate fundamental Indigenous rights. We need banks to stop funding the climate crisis and start investing in a liveable future now, but they won’t do it unless they’re forced.
That’s where Canada’s bank regulator, the OSFI, comes in. Recently, the OSFI drafted climate risk guidelines intended to make banks take climate change seriously, but the guidelines fall far short of what we need. Not only are the guidelines not binding in any way, the requirements are completely inadequate. For example, banks don’t need to define targets aligned with a 1.5˚C scenario, and there is no mention of the importance of respecting Indigenous rights.
OSFI is taking public feedback on the guidelines until Sept 30, which means, right now, we have a unique opportunity to tell them what we think! The OSFI isn’t used to getting this kind of pressure, and they’ve even started responding to some of the criticisms raised. Please take a few minutes to show them we won’t stand for weak regulations on banks!
Here's how: All you have to do is send an email explaining why these regulations should be stronger. You can use this template as is and/or adapt it to reflect your own perspective.
2. Public Consultation: Cutting emissions from the oil and gas industry
It's a well-studied and widely accepted fact that immediately and drastically reducing greenhouse gas (GHG) emissions is essential to keep global warming from going over the critical 1.5 degree mark.
The federal government has promised to cut Canada's GHG emissions 40-45% below 2005 levels by 2030. It also understands, and has stated, that the oil and gas industry in this country needs to reach net-zero emissions by 2050.
Sounds pretty straightforward, doesn't it? But the path to net-zero for the industry is being blocked by the industry itself, which is claiming the targets are too much, too fast, and have been lobbying the government persistently to be more lenient (while they continue to see outrageously high profits).
This public consultation about how the government can hold the oil and gas sector accountable for meeting emission reduction targets is our chance to counteract that corporate pressure. Groups and individuals across Canada are raising their voices, and we know that together we are stronger.
Here's how: We've tried to make it as easy as possible to respond to this public consultation with this document. You can copy any of the answers, add your own thoughts, and email your response - all the info is provided in the doc.
That's it.
Two ways to impact critical discussions and decisions.
Every voice counts in this discussion, so share this with your family, friends and neighbours.
