The 2020 Banking on Climate Change Report finds that, overall, bank financing continues to be aligned with climate breakdown. Thirty five (35) global banks have funneled an additional US$2.7 trillion in fossil fuels since the Paris Agreement (2016-2019) with financing on the rise each year.
Since Paris, Canada’s Big Five banks have financed fossil fuels over half a trillion dollars (C$610billion) globally and in Canada they provide the lion share (70%) of the money for Tar Sands expansion (C$93 billion).
Globally we produce 5% of the world’s oil but hold 17.5% of the world’s fossil financing since 2015. By partnering with the fossils, our big banks are carbon majors and funders of climate change.
RBC leads Canada in financing climate change with over C$178 billion. Canada’s big five banks (RBC, TD, Scotiabank, BMO and CIBC) are all in the top banks globally for fossil fuel financing (RBC 5th, TD 8th, Scotiabank 10th, BMO 16th and CIBC 21st). So it’s time to #FireYourFossilBank.
When you’re banking with one of Canada’s Big Five—RBC, TD, BMO, CIBC, Scotiabank—your money is going into fossil fuels. And, your bank is a #fossilbank.
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