{"id":54005,"date":"2022-08-17T14:33:38","date_gmt":"2022-08-17T18:33:38","guid":{"rendered":"https:\/\/www.greenpeace.org\/canada\/?p=54005"},"modified":"2022-09-22T13:08:47","modified_gmt":"2022-09-22T17:08:47","slug":"banking-regulators-must-stop-letting-big-banks-finance-the-climate-crisis","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/canada\/en\/story\/54005\/banking-regulators-must-stop-letting-big-banks-finance-the-climate-crisis\/","title":{"rendered":"Banking Regulators Must Stop Letting Big Banks Finance the Climate Crisis"},"content":{"rendered":"\n

In case you haven\u2019t heard, Canada\u2019s big banks are bankrolling the climate crisis<\/a>. The Big Five banks (RBC, TD, Scotiabank, BMO and CIBC) have collectively poured over $900 billion<\/a> into fossil fuels since the Paris Agreement was adopted in 2015, and they are showing no signs of stopping.<\/p>\n\n

Because of this huge financial support, the fossil fuel industry is able to continue producing the massive quantities of oil, gas and coal that are causing the climate crisis, and the climate crisis keeps getting worse. Until we phase out fossil fuels, and fossil fuel financing, deadly and devastating climate disasters like last year\u2019s floods<\/a> and wildfires<\/a> in B.C. will keep happening and keep getting worse.<\/p>\n\n

\"Flooding
Flooding in Merritt, British Columbia on November 17, 2021<\/figcaption><\/figure>\n\n

Canada does have a banking regulator, OSFI<\/a>, which could and should<\/a> step in to protect the public from the banks\u2019 reckless and destructive overfinancing of the fossil fuel sector. But so far they have failed to act and stop the banks from playing the role of planetary arsonists<\/a>.<\/p>\n\n

That\u2019s why this week Greenpeace activists paid a visit to OSFI\u2019s offices in Toronto and delivered a message: Don\u2019t let banks torch the climate!<\/p>\n\n

\"Greenpeace
Greenpeace activists deliver a message to Canada’s banking regulator: Don’t let banks torch the climate!<\/figcaption><\/figure>\n\n

The activists delivered the charred and broken remains of a teacup recovered from the community of Lytton, B.C. after it was destroyed<\/a> by climate-fueled wildfires in 2021. The hope is that Peter Routledge, the head of OSFI, or other OSFI staff, will keep this memento in their office as a reminder of their responsibilities to the public and the terrible harms caused by the burning and financing of fossil fuels. And that this will help move them to act.<\/p>\n\n

\"Charred
Charred teacup fragments recovered from Lytton, B.C., which was destroyed by climate-fueled fires in 2021<\/figcaption><\/figure>\n\n

As it happens, OSFI did recently put forward a set of draft climate guidelines<\/a> for the banks. But the guidelines are seriously inadequate<\/a>. For one thing, they\u2019re guidelines\u2014when what we really need are binding rules to force the banks to stop financing fossil fuels. For another, while the guidelines do call for climate plans from the banks, there\u2019s no requirement for these climate plans to be 1.5\u02daC-aligned, or for the banks to take any specific steps to reduce their financing of fossil fuel pollution. There are other problems with the guidelines, but these shortcomings illustrate the overarching failure of the bank regulators to step in and force the financial sector to stop financing the climate crisis.<\/p>\n\n

\n

Draft Climate Risk Management guidelines released by @OSFICanada<\/a>. Overall take: tiny step in right direction, but a real failure to regulate in the public interest & ensure our financial system is one Canadians can have confidence is working for us 1\/n https:\/\/t.co\/l3p8aa9KHg<\/a><\/p>— Alex Speers-Roesch (@alexsroesch) May 26, 2022<\/a><\/blockquote>