Reuters (May 12, 2022 by Nichola Saminather) – Canada banks face ‘greenwashing’ claims as oil & gas firms obtain sustainable financing

Canadian banks have increased the amount of sustainable-linked financing (SLF) to oil and gas companies, which have led to accusations of “greenwashing”. While SLF is designed to incentivize borrowers to achieve ESG targets, banks are rather using SLF to pretend to lower their carbon footprint than take specific steps towards reducing emissions. As the world’s fourth biggest oil producer, many banks in Canada claimed that the oil and gas industry needs “ ongoing support to meet continued demand as energy alternatives such as wind and solar are developed.”

Furthermore, the banks are incentivized to promote SLF because of the funding from the Canadian Government’s emission reduction plan, as well as the growing popularity of green washing. 

CBC News (March 24, 2021 by Don Pittis) – Despite calls for change, Canada’s RBC is one of world’s top bankers to fossil fuel industry

The article provides an analysis on the contribution of the 60 world’s largest banks to the fossil fuel industry, with a focus on RBC. Specifically, RBC has invested between 2016 and 2020, $160 billion in fossil fuel. Moreover, RBC has committed to net-zero emissions by 2025, with an additional $500 billion budget for sustainable financing. 

However, in a country where political and economic pressure is put on the oil and gas development, RBC acknowledged that a transition to net-zero “must be done in an inclusive manner that brings all sectors and communities along or we won’t achieve the support we need to meet these goals”.

Canadian Business (March 22, 2022 by Kelsey Rolfe) – Why Hollywood Celebrities Are Petitioning Against a Canadian Bank

RBC has provided financing for 670 kilometres long pipeline, with a cost estimated at $6.6 billion. The pipeline is built to facilitate natural gas delivery through a traditional territory populated by  Wet’suwet’en nation. Specifically, although the company building the pipeline Coastal GasLink has signed benefit agreements with all 20 elected Indigenous communities, failed to consult with hereditary chiefs as the land’s rightful title holders. The RBC was therefore accused of financing the climate crisis and disregarding the rights of Indigenous people.

More than 65 celebrities have joined the Indigenous climate activists in signing a petition to ask for immediate defunding of the project. Moreover, celebrities have threatened to pull their accounts if the bank doesn’t withdraw its support of the project.