Category: General

This article by Stand.earth’s Richard Brooks was originally published in the National Observer.

This article was originally published in the National Observer.

 

Earlier today Greenpeace Canada activists blocked the entrance to a downtown Toronto bank tower. They suspended climbers from fifteen foot high tripods as part of a call for Canada’s big five banks to stop funding fossil fuels and to respect Indigenous rights. Activists also brought charred wood and testimonials from affected communities in Lytton, BC, whose infrastructure was destroyed by climate-fueled wildfires this summer and whose former residents are now dealing with the consequences of the devastating floods that hit southern British Columbia last month.

The activists are calling on bank CEOs to come down from their towers and accept these charred wood fragments from Lytton homes, with the hope that the fragments would remain on the bankers’ desks to remind them every day of the life-and-death consequences of their investment decisions.

How to support activists on the ground?

> Share these Twitter posts: EN & FR ; EN &  FR

> Share these Instagram posts: EN & FR

> Share these FB posts: EN & FR

How to amplify testimonials from affected communities around Lytton?

> Share this blog: EN & FR

Need more information about the action & the project?

> Here is the full press release in english and in french

> You can also watch and amplify the FB live: EN & FR

Thanks Greenpeace, amazing work!

As news spread of the latest militarized RCMP invasion of Wet’suwet’en territory and the arrests of peaceful protesters and even independent media, many partners in the RBC / Canadian fossil banks campaign decided to direct their attention and resources to help with coordination and amplification of efforts led by the land defenders.

For those wanting more background on the stakes of this effort – members of the community standing in the way of a $6.6B pipeline that would support a $40B gas export facility – and the legal rights the Wet’suwet’en hereditary chiefs have, check out this excellent article in the National Observer.

Many NGO’s and grassroots groups and individuals have supported three tracks of work.

Digital media support

The Canada banks campaign lent social media channels and advertising funds to support a digital media campaign targeting funders of the Coastal GasLink Pipeline as well as raising awareness of the violence by RCMP among mainstream audiences. They also amplified solidarity actions happening around the world.

Coordination hub

At the time of the crisis, the Canada banks campaign network was meeting twice a month. Network coordinators decided to use this space as a hub for ENGOs and other allies to coordinate their support. Multiple work streams have come out, including support for a convoy, digital, fundraising, and a day of action on the 20th of December.

Grassroots organizing

Banks campaign organizers connected grassroots groups in Montreal and Toronto with land defenders from the Wet’suwet’en and Kanien’kehà:ka nations to absorb the momentum generated by the crisis and direct organized groups to the work of allyship. As of the 8th of December, a network of dozens of new affinity groups across the country has been built, ready to learn more about the issues and take action from the leadership of land defenders.

For more on the funders of the Coastal Gas Link pipeline, including RBC, check out this great resource from Stand.

Below is an action on October 29 as part of 35 actions across Canada and around the world targeting the funders of the climate emergency.

Canadian Mark Carney leads the Glasgow Financial Alliance for Net Zero (GFANZ). It’s a collection of over 450 financial institutions around the world, working to “accelerate the transition to a net-zero global economy”. Canadian banks were the last to join GFANZ just a few weeks before the UN COP. The fact that Canada’s fossil heavy big banks were even allowed to join tells you most of what you need to know about the bar of ambition set by Carney.

To widespread media coverage, today Carney is announcing that GFANZ now has $130 trillion dollars committed to net zero. But these huge commitments are a mile wide and an inch deep.

Many of the world’s worst fossil fuel financiers are in GFANZ. Some even started investments in new fossil fuel projects the same week they joined it. Organisations like JP Morgan Chase (the biggest fossil fuel funder in the world) and Barclays (the biggest in Europe) get to flaunt their membership of GFANZ, without taking any of the action required to genuinely reduce funding into fossil fuels. That’s because there are no mandatory commitments, or any conditions for being kicked out of GFANZ. Plus, having a 2050 target with no specific conditions means they can just keep kicking the can down the road.

Richard Brooks, Stand.earth climate finance director said:

“This announcement yet again ignores the biggest elephant in the room. There is no mention of the F words at all in this new declaration from the net zero clubs. We cannot keep under 1.5 degrees [warming] if financial institutions don’t stop funding coal, oil and gas companies.”

It gets worse. Many of the organisations joining pushed back against the most powerful plan for cutting emissions because it requires them to stop financing all new oil, gas and coal exploration projects this year.

Here are a few examples of what companies in GFANZ are up to:

BNY Mellon – At the same time as joining GFANZ, they were preparing to finance Adani Group’s Carmichael coal mine in Queensland, one of the world’s most controversial new fossil fuel projects. A project so climate risky, that it struggled to get insurers to back it.

Barclays – They said last year they would “not provide any financing to clients that generate more than 50 per cent of revenue from thermal coal activities”, including capital markets underwriting. However, 86 per cent of Monongahela Power’s generation fleet is coal-fired. And who underwrote Monongahela Power’s project? Barclays. They acted as a lead underwriter for a $216m bond deal.

HSBC – Five years ago HSBC said it would publish all details of investments in the coal mining sector. Still nothing.

Deutsche Bank – After announcing plans for imposing strict limits for loans to oil and gas companies, they’re scrapping the idea.

Each of these companies is a proud member of GFANZ.

Patrick McCully, senior analyst at Reclaim Finance said:

“The financial sector talks a big game on climate but is failing to address the urgency of the climate crisis COP26 must signal a turning point . . . away from foot-dragging and towards an end to financial support for fossil fuel expansion.”

Mark Carney needs to sharpen up the conditions for joining GFANZ, and strengthen the requirements of members. Right now, it’s a scheme that allows big finance to greenwash their reputations.

Check out Reclaim Finance’s full report here: https://reclaimfinance.org/site/en/2021/11/02/carney-net-zero-finance-alliances-failing-fossil-fuels/

Just before the start of the UN climate conference, hundreds of people across Canada showed up to deliver a message to Canada’s biggest fossil fuel funder, RBC: it must divest from fossil fuels and respect Indigenous rights! The actions were part of hundreds held across 35 countries around the world as part of the #DefundClimateChaos day of action.

It was amazing. There were actions across the country and flagship events in Montreal, Gidimt’en Checkpoint, Toronto, and Vancouver. Just see for yourself!

Together, we showed up with climate justice activists, environmental organizations, and Indigenous land defenders to call RBC out for being Canada’s biggest bankroller of fossil fuels—and demand they walk the talk of real climate action.

• Our allies in Toronto shut down the streets outside of RBC’s corporate HQ and created a giant street mural calling out RBC for funding climate chaos.
• In Vancouver, partners showed up with a giant inflatable blow-up of RBC President and CEO, Dave McKay— bestowing him with an award for “greatest greenwasher”.
• In Montréal, partners replaced two advertising billboards on a major highway calling out RBC. And then regrouped in the afternoon for a protest mobilizing two hundred people to RBC’s doorstep.
• And at local branches, Leadnow volunteers gathered to spread the news about RBC’s climate investments with passers-by and RBC customers—and spoke to RBC branch staff and managers about feeding our concerns up to executive management!
• In Collingwood, student volunteers used their lunch break to show up at their local RBC to call on the bank to stop funding fossil fuels.
• In Orangeville, volunteers brought some creative flair to their event—by writing and performing a song about RBC’s dangerous and dirty investments in climate-destroying fossil fuel projects to branch staff.
• In Chicoutimi, activists used wheatpaste to plaster the windows of their local branch with messages denouncing the bank’s actions.

We didn’t only show up in person, we made sure to apply the heat on social media too: over 500 of us sent tweets to RBC calling for immediate climate action, and together with thousands of others, got #RBCIsKillingMe trending on Twitter!

Our efforts made the news: national and local media outlets across the country covered the event, and shone a spotlight on RBC’s investments in the fossil fuel industry. And RBC has been forced to respond—so we know we were successful in putting them on notice.

We left behind some absolutely killer videos…

• Like this international recap video!
• Like the amazing Canada recap video!
• Like the breathtaking Wet’suwet’en action!
• Like the Montreal team’s billboard takeover video…

Let's not forget the role Canada's biggest bank @RBC is playing in continuing to finance oil and gas companies.

They aren't on a real #NetZero pathway. They aren't climate leaders.

And people are increasingly not falling for their greenwashing ways. #COP26 #GFANZ pic.twitter.com/jnJKD1QVQX

— Richard Brooks ☀️ (@R_BrooksStand) November 3, 2021

Finally, we joined part an international movement! In over 29 countries, activists took to the streets to demand that the financial sector #defundclimatechaos. Our combined actions reached millions of people through traditional and social media, making headline news in the UK.

We did all this thanks to you, and it’s just the beginning. We’ll be back with ever larger numbers and ever growing energy, calling out #RBCisKillingMe and stating the facts: it’s time to #defundclimatechaos.

Montreal / Toronto / Vancouver — Thousands of Canadians across the country are today protesting Canada’s largest bank, RBC, which refuses to stop financing fossil fuels. RBC has invested more than $200 billion in fossil fuel projects since the Paris Climate Agreement was signed. These include projects that violate Indigenous rights, like the Coastal GasLink pipeline.

With COP26 focused heavily on the role of finance in the climate crisis, protests are also taking place today at banks across the UK, US, and Europe, with Greta Thunberg attending a protest at Standard Chartered Bank in London. Actions are expected across Africa, South America, Australia, and Europe. Images and news of the day are available here.

“It’s time for Canada’s biggest bank and largest fossil fuel financier to stop the greenwashing and start helping our country meet its climate goals and attempts at reconciliation with Indigenous Peoples. That means ending financing of rights violating coal, oil and gas companies and scaling up investments in real climate solutions,” said Richard Brooks, Climate Finance Director with Stand.earth.

On Wet’suwet’en Territory, Indigenous leaders from Gidimt’en Checkpoint are protesting at the drill site under the WedzinKwa River. In Toronto, participants are blocking Wellington Street in the heart of the financial district. In Montreal, groups are rallying in front of RBC’s offices. Protests are also happening in Vancouver, Ottawa, and more than 30 other locations.

“Coastal Gaslink criminalizes and arrests chief Dsta’hyl of the Likhtsamisyu clan and a young Gixtsan chief for being on their territory, and refuses them access to their lands,” explains Eve Saint of the Wet’suwet’en nation. “How can RBC fund this project while pretending to work towards reconciliation?”

In Canada, the focus on RBC is due to its exceptionally high financing of fossil fuels compared to other banks, as well as its hypocrisy in funding projects on unceded Indigenous territory such as the Coastal Gaslink Pipeline. RBC has poured $208 billion into fossil fuels since the Paris accords and is a major lender to the CGL pipeline, which Wet’suwet’en Land Defenders are resisting. RBC has publicly lauded itself on its inclusive approach with Indigenous communities built on “mutual respect and shared values.” But, if built, the Coastal Gaslink Pipeline RBC funds would expedite the construction of subsequent bitumen and fracked gas pipelines, and create incentive for gas companies to tap into shale deposits along the pipeline right of way.

Organizing groups include Greenpeace, Climate Pledge Collective, Gidimt’en Land Defenders, Banking on a Better Future, Leadnow, Stand.Earth, Extinction Rebellion Quebec, Quit RBC, CEVES, Divest McGill, Climate Justice UBC.

For images and for more information, please contact:

Laura Bergamo, Communications Officer, Greenpeace Canada (Eastern Time)
+1 438-928-5237; laura.bergamo@greenpeace.org

Ziona Eyob, Media Director – Canada, Stand.earth (Pacific Time)
+1 604 757 7279; ziona@stand.earth

Local organizers:
Wet’suwet’en Territory: Eve Saint (647) 569-9962
Toronto: Sabrina Bowman, sgbowman@gmail.com
Vancouver: Arshia Uppal, arshiauppal@gmail.com
Montréal: Laura Bergamo, 1 438-928-5237

 

The #DefundClimateChaos day of action is this Friday, 29th of October is just days away.

Thousands of people are set to take part in actions spanning 26 countries and every continent on the planet, which is what’s needed to demand  the global financial system stop the flow of money to fossil fuels before the UN climate summit in Glasgow starts. Major actions will take place at  global financial centres in London, New York, Frankfurt, Toronto, Sydney as well as other locations from Manila to San Francisco, São Paulo to Nairobi, the South Pacific and across Europe.

Although our targets are some of the biggest financial companies in the world, we are mighty and together they won’t be able to silence us.

Canadians can join one of 44 events (there’s still time to start your own) happening at RBC branches across the country. See the action map here.

More on the RBC Day of action:

Behind all their slick greenwashing, Canada’s largest bank, RBC, is the country’s biggest bankroller of fossil fuels. They’ve poured over $200 billion into the fossil fuel industry since 2016—including towards projects that violate Indigenous sovereignty—all while flaunting their so-called environmental and human rights commitments.

Big banks like RBC have massive corporate budgets to pay for expensive PR schemes so they can evade accountability for financing climate chaos. But their smoke and mirrors jig is up.

This Friday October 29, people across Canada are rising up from coast to coast in a coordinated day of action against RBC. Together, we’re gathering at our local RBC branches to call out RBC’s destructive investments and send RBC a clear message: stop funding climate destruction and the trampling of Indigenous rights.

RBC is already feeling the pressure. Yesterday, CEO Dave McKay penned an article going on the defensive about holding up the fossil fuel industry—so we know they’re nervous. [3] If they’re confronted by a flood of pressure from people all across the country, they’ll worry their business as usual approach is going to cost them their reputation.

It could help convince RBC to actually walk the talk of real climate action. But to do that, we need your help. Will you join your local RBC event on October 29? We’ve created an easy-to-use map tool to find your event: just enter in your postcode and it’ll point you to the closest one!

I’M IN

RBC’s massive investments in the fossil fuel industry don’t just mean they’re funding climate destruction. It also means they’re supporting projects that trample on Indigenous rights. RBC is a backer of the Coastal Gaslink Pipeline—a project that is proceeding without the consent of the Wet’suwet’en people and threatens the land, waters, and forests of their territory.

The good news? Our pressure is working. Just this summer, Leadnow members ran a cross-country campaign at our local RBC branches to raise the alarm about the bank’s destructive fossil fuel financing. In response, senior RBC managers released new company lines to try to deflect concerns coming from their staff and the public. They’re going on the defensive, so we know that they’re aware and paying attention to our work.

It’s up to us to keep the pressure up.

 

Readers of the Globe and Mail didn’t fall for the bait and switch editorial by Dave McKay last week. The CEO of RBC, Canada’s largest funder of climate chaos, had the gall to pen an article about what other industries should do to help the climate, but made no mention about RBC’s own role backing fossil fuels.

Readers were having none of it. Here was one letter to the editor:

Royal Bank of Canada’s president and chief executive officer Dave McKay writes that we are not tackling climate change fast enough. Indeed. But why does Mr. McKay make no mention that RBC, as part of a larger group of banks, recently invested $1.5-billion in Enbridge, the energy company behind the highly contested Line 5 pipeline?

The International Energy Agency’s latest report plainly states that there is “no need for investment in new fossil fuel supply” in a net-zero 2050 pathway. If RBC were truly in step with tackling the climate emergency, then it would heed the IEA’s advice and come clean on its investments.

Stephen Douglas Toronto

This letter, from student striker and Banking on a Better Future coordinator Evelyn Austin was also submitted:

Dave McKay’s recent climate advice column: “Canada needs a new playbook on climate” was thick with irony, given he is CEO of Canada’s largest financial backer of fossil fuels, RBC.

The IEA and UN have made clear that in order to reach net zero by 2050, fossil fuels must remain in the ground, starting now. Yet RBC’s net zero plan makes no mention of ending financing for fossil fuel extraction, which has made RBC the world’s 5th biggest funder of fossil fuels..

Next Friday, October 29th, actions will be held at dozens of RBC branches across the country and at fossil banks around the world. RBC has no credibility as a climate leader as long as it continues to profit from making climate chaos worse.

Evelyn Austin, Toronto

And a last one published from BC, on Mark Carney’s signing up of RBC and Canada’s other fossil banks to the Net Zero Banking Alliance:

The Net-Zero Banking Alliance? I’ll believe it when I see it.

What my 17-year-old quickly pointed out is how will these banks be held accountable for their “commitment” to shift lending practices away from those that generate greenhouse gas emissions? Indeed, they made no explicit commitment. No enforcement, no penalty – just talk.

What is the point of such an alliance? To make themselves look good, it seems, just another round of corporate greenwashing.

Michelle Sheardown Director, Drawdown BC; North Vancouver

Good on these sharp eyed readers for catching the greenwash!

The news today that Canada’s biggest banks have finally joined Mark Carney’s “Net Zero” banking alliance was met with a giant ho-hum by climate campaigners.

It was eerily similar to last Friday’s announcement, when JP Morgan Chase – the world’s #1 backer of fossil fuels and long time target of the climate movement – also joined the alliance. Chase, like RBC and the other big Canadian banks, continues to invest billions in new fossil fuel projects, and has offered no timelines or targets for reducing its climate harming investments.

Keith Stewart, senior energy campaigner at Greenpeace Canada, said:

“The world is accelerating toward a zero-carbon economy and Canadian banks are still playing catch up. Until they commit to a near-term phasing out of all financial support for fossil fuels and to fully respect Indigenous rights, they will still be part of the problem.”

Canada’s big five banks are all on the list of the top 25 largest funders of fossil fuels on Earth. RBC is Canada’s biggest, and the 5th biggest funder of fossil fuels in the world, having financed over $200B in coal, oil and gas since the Paris Climate Agreement was signed.

As the International Energy Agency just re-iterated again this week, there is no way we can keep global temperatures to a safe 1.5 degrees C and keep developing new coal, oil, and gas projects.

In a joint letter to Mark Carney last week signed by over 90 Canadian and global NGO’s, climate groups laid out what we expect from financial institutions who take their role in the climate emergency seriously:

• Immediately present fossil fuel financing reduction targets and implementation plans covering all of their financial services with a goal of halving financed emissions by 2030;
• Integrate the findings of the IEA Net Zero scenario into their climate strategies, including a prohibition on the financing of new fossil fuel projects as well as new corporate level financing of companies expanding fossil fuel production and transportation;
• Immediately phase out all financing of thermal coal companies including utilities without short term plans to shutter thermal coal power and make a plan to phase out financing of oil and gas; and
• Ensure the free, prior, and informed consent of Indigenous communities and commit to protect and restore biodiversity in all financing activities

 

Today’s announcement is nothing more than a green PR stunt, and proves again how embarrassingly low and largely meaningless Mark Carney’s entry requirements are for GFANZ. With the critical UN climate summit in Glasgow only two weeks away, at this critical moment in history, Carney and the world’s financial institutions must do better.

For a more detailed critique of GFANZ, see the letter and newspaper ads climate groups sent to Mark Carney last week.

A huge win today for the climate! French bank La Banque Postale announced it is stopping all financing to the oil and gas sectors by 2030. And they’re immediately stopping all current finance going to potential oil and gas development.

While many major banks are releasing their policies on financing oil and gas ahead of COP26, very few of their plans are enough to meet what is required to avoid further escalation of climate disaster. All except La Banque Postale. They are now one of the first major institutions to commit to the change required to keep the world under 1.5°C of warming.

Campaigners at Reclaim Finance and Friends of the Earth France said:

“If all banks were to copy and paste La Banque Postale’s policy, the climate would be largely spared,”

It’s so inspiring to see a major financial institution listening to the science and listening to the mountains of pressure from campaigners. With this move, they’re putting thousands of other financial institutions under pressure to do the right thing and stop funding fossil fuel projects.

In addition to respecting Indigenous rights, this is what Canadian banks like RBC need to do.

More info on Reuters story.