CALL YOUR BANK TO QUIT BANK-ROLLING FOSSIL FUELS, SAYS CAM
MUSKOKA — You can bank on the ‘Big 5’ banks to invest in fossil fuels, says Climate Action Muskoka (CAM).
The activists group is joining forces with groups across Canada tomorrow to say ‘Fossil Banks? No Thanks!’ to Canada’s five largest banks.
CAM is inviting everyone to call, fax, and email their local bank branches to protest the banks’ “ongoing destructive fossil fuel investments and loans.”
“This is our opportunity to act locally by adding our voices,” says Sue McKenzie, CAM co-founder.
Canadian banks are among the largest investors in fossil fuels worldwide and have poured $481 billion into fossil fuels since the Paris Agreement, according to the 2020 Banking on Climate Change Fossil Fuel Finance Report.
She notes the breakdown of fossil investments for each bank is as follows: TD $43.7 billion, RBC $40.1 billion, SCOTIA $39.1 billion, BMO $36.7 billion and CIBC $32.4 billion.
And that three Canadian banks have even made the ‘Dirty Dozen’ Worst Banks Since the Paris Agreement (2015-2019) list.
The tar sands are completely reliant on Canadian banks, McKenzie says.
She says while recent stay-at-home orders keep climate protesters out of the streets, the banks keep pumping money into fossil fuels.
“While the rest of us are sacrificing to keep our communities safe, the Big 5 are making new loans and investments that are putting the well-being of future generations at risk.”
“Slowing climate change is one of the most important things I can do to ensure a bright future for my daughter,” adds Matt Lie-Paehlke of Climate Pledge Collective. “I’ve put aside other goals to help people lower their carbon footprint and get involved in politics – but the flood of money coming out of RBC and other big banks outweighs any small gains I might achieve.”
CAM is also asking Muskokans to join the ongoing BankSwitch campaign https://actionnetwork.org/forms/bankswitch.
“The main goal of this campaign is to challenge banks to compete for our custom by cleaning up their own investment policies, not just through green-washing projects, but by moving investments away from fossil fuels,” says McKenzie.
For her, the concept is simple. Tell your branch manager you’re moving your money to a more responsible financial institution on Earth Day, April 2021.
She says hopefully you won’t have to make this move if your bank steps up and makes substantial changes to its investment policies.
You can find specific information, letter templates for each bank, and talking points for speaking with bank managers here: climatepledgecollective.org.
CAM is an inclusive, non-partisan group of citizens concerned about climate change in Muskoka. climateactionmuskoka.org.
For more information contact McKenzie at Climate Action Muskoka 647 884-1531, lensue@hotmail.com
Or Matthew Lie-Paehlke, (416) 340-1834, matt@climatepledgecollective.org
