Did you know Canadian banks are some of the world’s worst for funding climate chaos?
Canadian banks like RBC and TD are major funders of Enbridge, flooding the company with billions to build tar sands pipeline Line 3.
Join us tomorrow for a flash rally with Stop the Money Pipeline to Defund Line 3!
Stop the Money Pipeline is a coalition of 150+ organizations dedicated to stopping the flow of money to the fossil fuel industry.
Stop the Money Pipeline has so far focused on the US banks financing Enbridge and its Line 3 tar sands pipeline – Chase, Wells Fargo, Bank of America, Union Bank and Citi. Now STMP is inviting Turtle Island solidarity to take on the Canadian banks together — the Canadian banks who are the top 5 funders of Enbridge: RBC, TD, CIBC, Scotiabank, and Bank of Montreal. Together, we’ll #DefundLine3 (and delay TMX).
The climate finance strategy is working; for example, as enormous pressure is brought to bear on insurance companies like Liberty Mutual, AIG and Chubb to step away from Trans Mountain, the harder insurance is to get, the lower the potential sale price, and the longer it will take to build.
Trans Mountain admitted as much when they petitioned Canada’s Energy Regulator to redact and hide the names of the companies insuring Trans Mountain last week after a series of protests and digital actions targeted the Vancouver offices of some of the companies.
By cutting the flow of money to Enbridge from Canadian banks like RBC and TD, the flow of capital funding construction dries up, delaying construction.
So too will TMX need financing for any potential sale — from the same banks financing Line 3. These banks have increasingly stringent rules on climate disclosure and investor pressure to decarbonize quickly – a “no tar sands investments” rule like the recent cross-industry “no Arctic drilling financing” rule would benefit both movements.
Join Stop the Money Pipeline TOMORROW to help unite the fights and collaborate on tactics with the #DefundLine3 movement.