{"id":66163,"date":"2023-06-07T13:52:00","date_gmt":"2023-06-07T17:52:00","guid":{"rendered":"https:\/\/www.greenpeace.org\/canada\/?p=66163"},"modified":"2024-09-19T10:38:39","modified_gmt":"2024-09-19T14:38:39","slug":"report-what-to-do-about-canadian-banks-quiet-quitting-their-climate-commitments","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/canada\/en\/publication\/66163\/report-what-to-do-about-canadian-banks-quiet-quitting-their-climate-commitments\/","title":{"rendered":"Report: What to do about Canadian Banks \u2018Quiet Quitting\u2019 their Climate Commitments"},"content":{"rendered":"\n<p>A new&nbsp;<a href=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2023\/06\/6da352b8-cdn-banks-quiet-quitting-climate-commitments-greenpeace-june-2023.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a>&nbsp;from Greenpeace Canada shows how the fossil fuel industry-backed assault on banks\u2019 climate commitments has only highlighted the urgent need for governments to step in and regulate the financial sector \u2013 in 2022, the five biggest Canadian banks provided 20.4 percent of funding that went to fossil fuels from the 60 largest banks in the world, up from 13.8 percent in 2016. The new Greenpeace report,&nbsp;<em>What to do about Canadian Banks \u2018Quiet Quitting\u2019 their Climate Commitments,<\/em>&nbsp;details how Canadian banks, who were already on track to be kicked out of the UN\u2019s Race to Zero initiative for greenwashing [1], are using the attacks on ESG as an excuse to \u2018quiet quit\u2019 their climate commitments.&nbsp;<\/p>\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file aligncenter\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2024\/06\/6da352b8-cdn-banks-quiet-quitting-climate-commitments-greenpeace-june-2023.pdf\" type=\"application\/pdf\" style=\"width:100%;height:300px\" aria-label=\"Embed of What to do about Canadian banks \u2018quiet quitting\u2019 their climate commitments?.\"><\/object><a id=\"wp-block-file--media-48d9713a-75c2-4b17-abab-1942b65cebe0\" href=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2024\/06\/6da352b8-cdn-banks-quiet-quitting-climate-commitments-greenpeace-june-2023.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">What to do about Canadian banks \u2018quiet quitting\u2019 their climate commitments?<\/a><a href=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2024\/06\/6da352b8-cdn-banks-quiet-quitting-climate-commitments-greenpeace-june-2023.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-48d9713a-75c2-4b17-abab-1942b65cebe0\">Download<\/a><\/div>\n\n<p>The report traces the rise of the anti-ESG movement back to fossil fuel interests, using investigative work by the&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/08\/05\/climate\/republican-treasurers-climate-change.html\" target=\"_blank\" rel=\"noreferrer noopener\">New York Times<\/a>&nbsp;and<a href=\"https:\/\/influencemap.org\/report\/Anti-ESG-and-the-Fossil-Fuel-Sector-21873\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;Influence Map<\/a>&nbsp;showing how fossil fuel companies and industry associations have \u2018weaponized\u2019 key Republican politicians and state treasurers against financial institutions acting on climate change.&nbsp;<\/p>\n\n<p>Whether it is out of fear of being sued for collusion under anti-trust legislation, or if this is being used as a convenient excuse, the Glasgow Financial Alliance for Net Zero changed its membership criteria last year so that its members no longer have to meet the UN\u2019s Race to Zero criteria. The UN had set a June 15, 2023 deadline for financial institutions to meet their criteria or risk being kicked out of the initiative. As detailed in the report, none of Canada\u2019s Big Five banks were even close to meeting the Race to Zero criteria due to their ongoing, massive funding of fossil fuels.<\/p>\n\n<p>The report points to a new political momentum for regulation. This includes polling showing 70% of Canadians support regulation, Senator Rosa Galvez\u2019 proposed<a href=\"https:\/\/rosagalvez.ca\/en\/initiatives\/climate-aligned-finance\/\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;Climate Aligned Finance Act<\/a>&nbsp;and support from Liberal, NDP, Bloc and Green MPs for a<a href=\"https:\/\/www.ourcommons.ca\/Members\/en\/ryan-turnbull(105480)\/motions\/12396258\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;new motion<\/a>&nbsp;calling on the federal government to \u201cuse all legislative and regulatory tools at its disposal to align Canada\u2019s financial system with the Paris Agreement.\u201d<\/p>\n\n<p>[1] Greenpeace Canada report from August 2022:&nbsp;<a href=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2022\/08\/832fb7f8-greenpeace_racingtozero_report_en.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Racing to Zero? Canadian banks\u2019 dubious net zero commitments<\/a>.<\/p>\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-cta\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2023\/06\/6da352b8-cdn-banks-quiet-quitting-climate-commitments-greenpeace-june-2023.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the report<\/a><\/div>\n<\/div>\n\n<p><\/p>\n\t\t\t<section\n\t\t\tclass=\"boxout post-51083 \"\n\t\t\t\n\t\t>\n\t\t\t<a\n\t\t\t\tdata-ga-category=\"Take Action Boxout\"\n\t\t\t\tdata-ga-action=\"Image\"\n\t\t\t\tdata-ga-label=\"n\/a\"\n\t\t\t\tclass=\"cover-card-overlay\"\n\t\t\t\thref=\"https:\/\/www.greenpeace.org\/canada\/en\/act\/fossil-banks\/\" \n\t\t\t><\/a>\n\t\t\t\t\t\t\t<img\n\t\t\t\t\t\tsrc=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2021\/12\/dd7d6d82-en-2-1024x682.png\"\n\t\t\t\t\t\tsrcset=\"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2021\/12\/dd7d6d82-en-2-300x200.png 300w, https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2021\/12\/dd7d6d82-en-2-1024x682.png 1024w, https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2021\/12\/dd7d6d82-en-2-768x511.png 768w, https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2021\/12\/dd7d6d82-en-2-510x340.png 510w, https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2021\/12\/dd7d6d82-en-2.png 1478w\"\n\t\t\t\t\t\tsizes=\"(min-width: 1000px) 358px, (min-width: 780px) 313px, 88px\"\n\t\t\t\t\t\talt=\"\" title=\"\"\n\t\t\t\t\/>\n            \t\t\t<div class=\"boxout-content\">\n\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\tclass=\"boxout-heading medium\"\n\t\t\t\t\t\tdata-ga-category=\"Take Action Boxout\"\n\t\t\t\t\t\tdata-ga-action=\"Title\"\n\t\t\t\t\t\tdata-ga-label=\"n\/a\"\n\t\t\t\t\t\thref=\"https:\/\/www.greenpeace.org\/canada\/en\/act\/fossil-banks\/\"\n\t\t\t\t\t\t\n\t\t\t\t\t>\n\t\t\t\t\t\tCanadian Banks need to stop funding fossil fuels\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"boxout-excerpt\">Canada\u2019s banks must be held accountable for their role in violating Indigenous rights and their contribution to climate change.<\/p>\n\t\t\t\t                                    <a\n                        class=\"btn btn-primary\"\n                        data-ga-category=\"Take Action Boxout\"\n                        data-ga-action=\"Call to Action\"\n                        data-ga-label=\"n\/a\"\n                        href=\"https:\/\/www.greenpeace.org\/canada\/en\/act\/fossil-banks\/\"\n                        \n                    >\n                        Take action\n                    <\/a>\n                \t\t\t<\/div>\n\t\t\t\t\t<\/section>\n\t\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new\u00a0report\u00a0from Greenpeace Canada shows how the fossil fuel industry-backed assault on banks\u2019 climate commitments has only highlighted the urgent need for governments to step in and regulate the financial sector \u2013 in 2022, the five biggest Canadian banks provided 20.4 percent of funding that went to fossil fuels from the 60 largest banks in the world, up from 13.8 percent in 2016.<\/p>\n","protected":false},"author":12,"featured_media":66170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[4,2],"tags":[23,162],"p4-page-type":[15],"class_list":["post-66163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","category-live-sustainably","tag-climate","tag-banks","p4-page-type-publication"],"_links":{"self":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts\/66163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/comments?post=66163"}],"version-history":[{"count":3,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts\/66163\/revisions"}],"predecessor-version":[{"id":66173,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts\/66163\/revisions\/66173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/media\/66170"}],"wp:attachment":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/media?parent=66163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/categories?post=66163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/tags?post=66163"},{"taxonomy":"p4-page-type","embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/p4-page-type?post=66163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}