Month: April 2023

April 29, 2023

What you accomplished – grassroots update

It’s been three weeks since the RBC AGM in Saskatoon and the national Fossil Fool’s Day mobilization the weekend prior. Here’s an update to all of our amazing grassroots leaders on what we’ve just pulled off.

We went from 8% of shareholder support to … 26%

At last year’s RBC AGM, a single resolution called for the bank to clarify its definition of sustainable finance. It got 8% of the vote.

But this year, a resolution calling for RBC to respect the right to free, prior, and informed consent garnered 26% of support.

A resolution calling for RBC to implement real emissions reductions targets achieved 16% support; and calls to stop fossil fuel expansion achieved 6.5%.

In terms of shareholder votes at an AGM, anything approaching 20% is considered a “controversial result, because over 90% of shareholders usually toe the company line.” We did that – our actions over the last year nearly tripled opposition within RBC’s shareholder base. And that’s not all…

Millions of Canadians were exposed to national media reports about RBC’s record for five days straight

When we started on this campaign, the dominant view was that Canadian media would not cover national mobilizations.

Amazingly, on Saturday April 1, “Fossil Fool’s Day” was plastered across TV screens. We scored hundreds of media hits across this country, including amazing local ones, even landing an 8pm interview for the amazing Wet’suwet’en leader Eve Saint on CTV National News!

The following day, the Canadian Press released an article with the headline reading that banks were under pressure from shareholders. And things were only beginning.

Then on the Monday, as our delegation arrived in Saskatoon, Grand Chief Stewart Phillips published an op-ed in the Toronto Star inciting banks to respect FPIC. Then, on Tuesday, Global News disclosed how RBC had arranged ‘sustainable’ funding for a notorious German coal company! On the day of, Grand Chief Stewart Philips appeared on two national shows, Power Play and Power & Politics. Even a rightwing columnist couldn’t help but to tell our side of the story…

The other side’s ugly side

But there is more to the Saskatoon RBC AGM story than media or investor turnout. Here, the story forks and splits between beauty and ugliness.

This video by Dayna Reggero shows solidarity, emotion, a gathering of many incredible Indigenous and BIPOC leaders convening to take part in ceremony, discuss land, and financing of land theft.

This video by World Change Media captures callous, racist, and unprofessional behaviour by RBC who segregated Indigenous and BIPOC delegation to another room.

RBC’s behaviour, RCMP presence and snipers on the roof, the vile attacks on Wet’suwet’en governance had a profound and difficult impact on Land Defenders and ourselves.

We rise above it. On his way home, Chief Na’Moks wrote us the following message to be shared:

Even with the violent, racist acts and threats of RBC and RCMP, our dignity, as a whole, was maintained and apparent to the world … Please do share with all our friends and allies how very proud and honoured I am to stand with you all, all should take time for self care, it is so very unfortunate that all had experience parts of what the Wet’suwet’en experience on a daily basis, I wish it weren’t that way.

Love and respect to you all!

April 13, 2023

RBC named as world’s #1 fossil fuel financier

Released today, the 14th annual Banking on Climate Chaos report, the most comprehensive global analysis on fossil fuel banking, unveils Royal Bank of Canada as the world’s #1 fossil fuel financier in 2022. 

RBC pumped over USD$42.1 billion in 2022 in fossil fuel companies in the last fiscal year – an increase over 2021 levels. In total, since the Paris Climate Agreement was adopted in 2016, RBC has financed more than USD $253.98 billion to fossil fuel companies.

Total overall financing of fossil fuel companies by Canadian banks increased in 2022 over 2021 levels, surpassing USD $137 billion – the largest amount since before the Paris Climate Agreement was signed.

More information on Canadian Banks fossil fuel financing here.

Bank Fossil funding 2022 (USD / CAD billions) Global Annual Rank 2022 Global Annual Rank 2016 – 2021
RBC 42.1 / 54.7 1 5
Scotiabank 29.5 / 38.4 7 9
TD 29.0 / 37.7 8 10
BMO 19.3 / 25.1 13 15
CIBC 17.9 / 23.3 14 19
TOTAL 137.8 / 179.2

 

Public pressure is mounting on RBC – Canada’s, and now the world’s – #1 fossil fuel financing bank, to stop funding fossil fuel expansion and ramp up investments in climate-safe solutions.

At its Annual General Meeting (AGM) in Saskatoon just last week, RBC proved it has no interest in Indigenous reconciliation, furthering corporate colonialism in how the bank treated the Indigenous and Black delegation. The bank opted to apply a reserve system to its AGM, forcing Indigenous and Black delegates into a second class room, with color-coded passes.

Outside the AGM, hundreds of Indigenous water protectors, young people, and allies rallied. RBC’s AGM comes weeks after a large force of RCMP C-IRG raided a Gidimt’en village site, and arrested five land and water defenders, mostly Indigenous women. Days earlier, thousands of people took action for Fossil Fools Day at over 40 actions outside RBC branches across so-called Canada.

The day before its AGM, just as RBC re-packaged existing staff into a new climate institute to do “thought leadership” on climate, reports revealed that RBC helped arrange US$5.4B of ‘sustainability-linked’ financing for a coal mine operator in Germany, and traditional owners lodged a human rights lawsuit against 12 banks – including RBC – for involvement in a $4.7 billion gas project in Australia.

Despite net-zero commitments and public rhetoric, RBC continues to finance fossil fuel expansion, including bankrolling dangerous projects that attack Indigenous sovereignty, like the Coastal GasLink fracked gas pipeline without consent from Wet’suwet’en Hereditary leadership. Many of RBC’s oil and gas clients increased overall emissions in 2022.

RBC is currently under investigation by the Competition Bureau of Canada for allegedly misleading consumers with climate-related advertising while continuing to increase financing for coal, oil and gas.

The report and RBC’s new role as the world’s worst bank on climate was covered by over 500 global media outlets, including:

Fossil Fuel Sector Trends (in USD)

Expansion: The 60 banks profiled in this report funneled $150 billion in 2022 into the top 100 companies expanding fossil fuels, including TC Energy, TotalEnergies, Venture Global, ConocoPhillips, and Saudi Aramco.

Liquefied Natural Gas (LNG): The top bankers of liquefied “natural” gas (LNG) in 2022 were Morgan Stanley, JPMorgan Chase, Mizuho, ING, Citi, and SMBC Group. Overall finance for LNG nearly doubled from $10.8 billion in 2021 to $21.3 billion in 2022.

Tar sands oil: The top tar sands companies received $21 billion in financing in 2022, led by the biggest Canadian banks, who provided 89% of those funds. TD, RBC, and Bank of Montreal top the list.

Arctic oil and gas: Chinese banks ICBC, Agricultural Bank of China, and China Construction Bank led financing for Arctic oil and gas, which totaled $2.9 billion for the top companies in this sector in 2022. 26 banks are still financing Arctic oil and gas, including U.S. banks JPMorgan Chase, Citi, and Bank of America.

Amazon oil and gas: Spanish bank Santander leads financing for companies extracting in the Amazon biome, followed closely by U.S. bank Citi. Financing totaled $769 million in 2022.

Fracked oil and gas: Finance for the fracking companies totaled $67.0 billion dollars in 2022, which is an 8% increase over the financing reported in 2021 for the top fracking companies. This increase is especially disturbing given the extreme methane emissions from fracking. RBC and JPMorgan Chase are the top financiers of fracked oil and gas for 2022/since Paris.

Offshore oil and gas: European banks BNP Paribas, Crédit Agricole, and Japanese bank SMBC Group top the list of worst financiers of offshore oil and gas for 2022. Financing totaled $34 billion in 2022.

Coal mining: Of the $13.0 billion in financing that went to the world’s 30 largest coal mining companies, 87% was provided by banks located in China, led by China CITIC Bank, China Everbright Bank, and Industrial Bank.

Coal power: Of the financing to the world’s top 30 companies in coal power, 97% of financing was provided by Chinese banks. These companies, which have plans to expand coal power capacity, received $29.5 billion from the profiled banks in 2022.

Full data sets – including global press materials, fossil fuel finance data, policy scores, and stories from the frontlines – are available at bankingonclimatechaos.org.

April 5, 2023

RBC refuses to let Indigenous delegates into AGM in Saskatoon

RBC proved it has no interest in reconciliation, furthering corporate colonialism in how the bank treated the Indigenous delegation who arrived at the bank’s Annual General Meeting (AGM) in Saskatoon this morning as hundreds of Indigenous water protectors, young people, and allies rallied outside.

RBC’s AGM comes exactly one week after a large force of RCMP C-IRG raided a Gidimt’en village site, and arrested five land and water defenders, mostly Indigenous women. RBC is the primary financier of the Coastal GasLink pipeline, which lacks consent from Hereditary Chiefs, the rightful titleholders of the land.

Inside the AGM, a majority of the Indigenous delegation including Wet’suwet’en Hereditary leadership, Wet’suwet’en elders and youth representatives, and Gulf South representatives were barred from entering the AGM’s main room – despite having proper proxies, and threatening their arrest. An Ivey Business School student on behalf of youth-led Banking on a Better Future, as well as West Coast Environmental Law (WCEL) representatives were also barred from entering the main room to offer testimony.

The bank opted to apply a reserve system to its AGM, forcing Indigenous delegates into a second class room, with a colour coded pass.

Outside the shareholder meeting, hundreds of people rallied to urge RBC to stop greenwashing, respect Indigenous sovereignty, and phase out fossil fuel financing. There was drumming, music and statements from local groups, Indigenous delegates from across North America.

Nearly one in three shareholders supported a resolution for Indigenous Free, Prior, and Informed, Consent. While RBC executives recommended rejecting all shareholder resolutions introduced on climate action and Indigenous rights in its proxy book, these resolutions received record and growing support, including:

  • 28% — representing about CAD$25 billion: Union of British Columbia Indian Chiefs (UBCIC), introduced a resolution for Free, Prior and Informed Consent;

  • 11% — representing about CAD$10 billion: Stand.earth introduced a resolution for no financing for fossil fuel expansion;

  • 22% — representing about CAD$22 billion: The New York City Comptroller, manager of the USD$242 billion pension funds, filed a resolution for 2030 absolute emissions reduction targets for oil, gas and utility clients.

Here is Stand.Earth’s Richard Brooks with an update from inside the meeting:

Media coverage is coming in. Here are some hits

 

You can help amplify these tweets from the day:

 

Watch the press conference here: https://fb.watch/jJxJ4k4qZA/

Press release: https://stand.earth/press-releases/rbc-agm-2023-pr/

April 2, 2023

Over 40 cities rise up against RBC across Canada

Wow! Ahead of Royal Bank of Canada’s shareholder meeting this Wednesday, April 5 in Saskatoon, people across so-called Canada made a huge splash on Saturday for April 1 Fossil Fools’ Day!

This came days after federal police, the RCMP, raided a Gidimt’en village site and arrested Indigenous land defenders – mostly womxn – on bogus charges. As you may know, land defenders have been trying to stop the build out of the Coastal Gaslink fracked gas pipeline across Wet’suwet’en territory for years, delaying the project and causing huge cost overruns.

Thousands of people at over 40 actions rallied in solidarity at RBC branches including in Vancouver, Edmonton, Winnipeg, Ottawa, Toronto, Montréal, Moncton, Halifax, and more.

There were protests, lock downs and sit ins, pickets and creative rallies! Shout out to all the big organizing that everyone did. Too many groups to name here – we are so grateful for your leadership!

There were over 150 media stories including national TV and newspaper coverage and significant local media, including

This is part of a drumbeat of escalation and a brighter spotlight focused on Canada’s largest financier of fossil fuels and one of the biggest in the world – RBC.

Here’s an in-depth media story and an opinion piece on how shareholder meetings are a focus this year for climate and Indigenous rights advocates alike: