Revealed: The Climate-Conflicted Directors Leading the World s Top Banks desmogblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from desmogblog.com Daily Mail and Mail on Sunday newspapers.
Jesse Firempong: Canada’s banks play defence for the fossil fuel industry Canada s Big 5 banks have pumped more than $700 billion in the fossil fuel industry since the Paris climate agreement in 2015 posted on April 5th, 2021 at 4:00 PM 1 of 1 2 of 1
By Jesse Firempong
With seconds left on the clock, Canada will need a buzzer-beating shot to beat climate change. This is the playoffs, baby.
A win seems perfectly lined up: climate change is now a decisive voter issue and the federal government has promised a green and equitable post-pandemic recovery. Most of us want to see renewable energy prioritized over fossil fuels.
From 2016-2020, Canadian banks poured over $700 bn into fossil fuels, and shareholders are demanding change
Ruth Saldanha 5 April, 2021 | 4:38AM
Last week the Supreme Court of Canada ruled that the Federal Government’s carbon tax is constitutional – setting a floor for the tax rates observed by each province and giving credibility to the government’s proposed $170 per metric ton tax by 2030. But to what extent will the money actually follow?
“If Canada is to be a leader in the fight against climate change, its banks should be global leaders in decarbonizing their lending portfolios,” points out Jackie Cook, Morningstar’s Director of Investment Stewardship. It’s tough to make the case that we are working on a transition away from fossil fuels when Canadian banks keep funding oil and gas.
Antonio Gutteres
The 12th edition of the most comprehensive report on fossil fuel bank financing documents present an alarming disconnect between the global scientific consensus on climate change and the continued practices of the world’s largest banks.
This year’s report, titled ‘Banking on Climate Chaos 2021,’ expands its focus from 35 to 60 of the world’s largest banks and reveals that in the five years since the Paris agreement was adopted, these banks have pumped over $3.8 trillion into the fossil fuel industry.
The report was authored by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and Sierra Club, and is endorsed by over 300 organisations from 50 countries around the world. Banking on Climate Chaos names the largest funders of fossil fuels around the world, with JPMorgan Chase the worst overall, RBC the worst in Canada, Barclays the worst in the UK, BNP Paribas worst in the EU, MUFG worst in Jap
Fossil-fuel free endowments and pension funds are rarely free of fossil fuels Here s why that s a problem impactalpha.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from impactalpha.com Daily Mail and Mail on Sunday newspapers.