Protestors in Thunder Bay involved in a country-wide demonstration at RBC branches.
The day of action Friday was in response to claims that RBC has provided $208-billion to finance fossil fuel and fossil fuel infrastructure companies since the signing of the Paris Climate Agreement.
This is the fifth most out of any bank in the world during the period between 2015-2020.
This comes as RBC announced earlier this year commitments to sustainable financing, net-zero emissions in lending by 2050, and more.
Organizer Paul Berger (STAFF PHOTO)
Meetings Chair of Citizens United for a Sustainable Planet Paul Berger was very vocal during the protest, and explained the significance and importance of the event.
“We’ve got a code red climate emergency, and everybody knows about that by now,” says Berger. “We’ve had heat waves in Western Canada, huge raindrops in different places in the world, so the fact that we’re in a climate emergency is very clear, and the International Energy Agency has said to get through the climate emergency, to tackle climate change, we have to stop exploring for new fossil fuels and building new massive fossil fuel infrastructure projects. Since the Paris Agreement which was supposed to follow science and lead us to a safe world, the Royal Bank of Canada has been the biggest lender to fossil fuel companies in Canada, and fifth biggest in the world.”
Also discussed during the protest was the Coastal Gas Pipeline. The project is currently being funded by RBC and runs through Wet’suwet’en land.
This demonstration, along with many others that have occurred in Thunder Bay in recent months, have seen a diverse group of supporters.
“I think a lot of people are really concerned,” explains Berger. “We see young people here, we see older people here, retired people, people who are working. This is an issue everyone knows is an issue we need all hands on deck, we need everybody for this, and if we just leave the politicians on their own, they have
fine words, but people make the change.”
More than 30 gathered for the Thunder Bay demonstration outside of the RBC location at Memorial and John.
The demonstration took place just days before the COP26 Conference in Glasgow, with the International Energy Agency telling governments a path to net-zero cannot include new fossil fuel developments or infrastructure projects.
The Acadia Newsroom did reach out to RBC for a response, which was provided by Spokesperson Andrew Block:
RBC believes climate change is one of the most pressing issues of our age and we are committed to supporting the transition to net zero. As a bank, the most significant contribution we can make is by working closely with our clients. As part of our commitments, we will direct $500 billion in sustainable financing by 2025. In addition to setting a goal of net-zero emissions by 2050, we are also working to establish interim targets related to emissions which we will report on in our 2021 TCFD report (to be released in early 2022). Canada’s journey to net zero represents the largest economic transition in our lifetime. It is critical that the transition occur in an orderly, inclusive manner. Given our significant involvement in all aspects of the economy, we are in a unique position to provide insights and ideas on how to transition, including the financial products and services that can help. Across sectors, we will work with clients to map out their transition plans, and measure progress. Importantly this includes heavy emitters, whose carbon reduction strategies and transition will be critical to achieving Canada’s targets. We recognize there is a need for many types of energy solutions to meet growing global energy demands as we make the transition to a lower carbon economy.
Canada’s journey to net zero represents the largest economic transition in our lifetime. It is critical that the transition occur in an orderly, inclusive manner. Given our significant involvement in all aspects of the economy, we are in a unique position to provide insights and ideas on how to transition, including the financial products and services that can help. Across sectors, we will work with clients to map out their transition plans, and measure progress. Importantly this includes heavy emitters, whose carbon reduction strategies and transition will be critical to achieving Canada’s targets. We recognize there is a need for many types of energy solutions to meet growing global energy demands as we make the transition to a lower carbon economy.
Stickers being handed out at demonstration (STAFF PHOTO)
Protestor in RBC parking lot (STAFF PHOTO)
