Dirty Oil, Dirty Money

 

Canada's chartered banks love fossil fuels.  Despite all the dire warnings of climate catastrophe, our banks, like our federal government, are big on bitumen.



Canada’s five biggest banks increased their fossil fuel financing by 70 per cent, or around $61 billion, last year, according to the annual Banking on Climate Chaos report, put together by several environmental organizations.

In 2021, RBC, Scotiabank, CIBC, TD and the Bank of Montreal all increased their fossil fuel financing and provided a combined $165 billion to fossil fuel clients, the report said. At the same time, all of the banks pledged to be “net-zero” by 2050.

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Over the same period, financing for Canada’s tarsands increased by 51 per cent to $23.3 billion, with RBC and TD facilitating the biggest increases.

The fossil fuelers, political and corporate, are exploiting the situation in Ukraine to promote energy exports to Europe. Suddenly expanding fossil fuel production has become patriotic. What?

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