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Video: Canadians Plunged Into Poverty. Can’t Afford to Eat! Sign of Major Economic Collapse

This video vividly describes economic collapse and the plight of poverty in Canada, without however focussing on the underlying causes, nor the historical context.

Remember the March 11, 2020 Lockdown. Destabilizing the social, political and economic structure of 190 sovereign countries cannot constitute  a “solution” to combating the virus. 

The Lockdown consisted in  The confinement of the labor force” coupled with “The paralysis of the workplace”. Economics 101. I ask my students. What Happens?

Chaos of the Real economy. The  March 11, 2020 Lockdown initiated a process of economic and social  crisis Worldwide. It has contributed  to a wave of bankruptcies and poverty. 

The unspoken truth is that a non-existent pandemic launched in March 2020 has provided a pretext and a justification to  precipitate the entire planet into a spiral of mass unemployment, bankruptcy, extreme poverty and despair. 

Michel Chossudovsky, Global Research, April 4, 2024

For details and analysis see:  The Worldwide Corona Crisis, Global Coup d’Etat Against Humanity, by Michel Chossudovsky, PDF Ebook,  Pages: 164, 15 Chapters, Price: $11.50 FREE COPY! Click here (docsend) and download.

 

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Canada is going through an economic collapse.

Food charities have a waitlist. 

Is there any sign of utter economic collapse than people who cannot afford to feed themselves?

Why is this happening? 

Watch the video below.

Today’s Contemplation: Collapse Cometh XCIV–‘Representative’ Democracy: A Ruse To Convince Citizens That They Have Agency In Their Society


Today’s Contemplation: Collapse Cometh XCIV

January 29, 2023 (original posting date)

Monte Alban, Mexico. (1988) Photo by author.

‘Representative’ Democracy: A Ruse To Convince Citizens That They Have Agency In Their Society

A friend recently posted on my FB timeline the link to an article about the plans of our provincial government in opening up sections of Ontario’s Greenbelt[1] to housing development and the legal action against this that is being contemplated by one of Ontario’s many First Nations communities.

He asked me the following: “I wonder how many people who vote for Doug Ford will give this some thought the next time they do a routine land acknowledgement?”

My comment on the issue:


I think the truth of the matter is that the vast/significant majority of people will not think about this issue.

The human tendency to defer/obey ‘authority’ results in most people believing the propaganda/marketing of the government.

Most citizens believe when they are informed governments are ‘consultative’, a ‘social service’, and acting on behalf of it citizens — something constantly reiterated in today’s mainstream/legacy media.

For most, what the politicians say is gospel, especially if they’re the ones they voted for.

Government consultation is a ruse, regardless of party. It is for all intents and purposes a public relations stunt to give the impression that the average person has influence or impact upon decision-making and policies, and that government is responsive to citizen input.

Can you imagine the stress created by the cognitive dissonance of holding the notion that you have agency via consultation or the ballot box but also recognising that your ‘representatives’ are the public face of a ruling caste that doesn’t truly give a shit about you but is primarily motivated by a desire to control/expand the wealth-generation/extraction systems that provide their revenue streams and thus positions of power and prestige.

Most (all?) would rather deny/rationalise away the latter belief and hold on to the former one. Living with a lie is much easier and comforting than living with the significantly problematic truth that governments are in place to represent and protect the ruling caste in society — not the hoi polloi.


If you’ve made it to the end of this contemplation and have got something out of my writing, please consider ordering the trilogy of my ‘fictional’ novel series, Olduvai (PDF files; only $9.99 Canadian), via my website — the ‘profits’ of which help me to keep my internet presence alive and first book available in print (and is available via various online retailers). Encouraging others to read my work is also much appreciated.


[1] See this.

No water, no oil: How the parched western provinces could hamper the oilpatch

No water, no oil: How the parched western provinces could hamper the oilpatch

Water shortages could have devastating effect on oil and gas sector, says new report

Two black and red oil derricks are pictured in a field with snow.
Pumpjacks pull oil from the ground near Three Hills, Alta. Limited water supply could have significant effects on the production of oil and gas, warns a new report. (Kyle Bakx/CBC)

Persistent and severe drought conditions across Western Canada could have a devastating effect on the oil and natural gas sector, which has drilling operations in some of the driest areas, according to a new report by Deloitte.

Limited water supply could have significant effects on the production of oil and gas, the report warns, and the timing couldn’t be worse for the industry as many companies are wanting to increase production and drilling with new export pipelines and facilities nearing completion.

The past several years have been parched in parts of Western Canada, but there is extra concern this year because of the below average snowpack in the mountains.

“It’s not going to be as simple to just pipe fresh water in. You may need to move it and truck it to different locations,” said Andrew Botterill, an energy analyst with Deloitte Canada, in an interview with CBC News.

In B.C., the provincial energy regulator has warned snowpack levels were only 72 per cent of the historical average.

Trucking in water and recycling water will both result in more “expensive and complicated” operations for companies, he said.

Water is shown with a skyline in the background.
The Bow River flows through downtown Calgary. Alberta is poised to start negotiations with major water licence holders to strike sharing agreements in three key provincial river basins, including the Bow. (Jeff McIntosh/The Canadian Press)

…click on the above link to read the rest of the article…

Canadians Are F**ked: Secret RCMP Report

Canadians Are F**ked: Secret RCMP Report

A previously secret (and still heavily redacted) RCMP report warns the Canadian government to expect civil unrest once citizens realize how totally screwed the economic situation is, the National Post reports.

The coming period of recession will … accelerate the decline in living standards that the younger generations have already witnessed compared to earlier generations,” reads the “Whole-of-Government Five-Year Trends’ report for Canada- of which the aforementioned heavily redacted version was made public thanks to an ‘access of information’ request filed by Matt Malone, an assistant professor of law at British Columbia’s Thompson Rivers University, and an expert in government secrecy.

“For example, many Canadians under 35 are unlikely ever to be able to buy a place to live,” the report continues.

According to the report, labeled as “special operational information” and originally intended to be distributed only within the RCMP and among “decision makers” in the federal government, trends are in motion “that could have a significant effect on the Canadian government and the RCMP.”

The authors warn that Canada’s current situation “will probably deteriorate further in the next five years,” and that in addition to worsening living standards, Canada faces unpredictable seasonal catastrophes, including wildfires and flooding.

Another major theme of the report is that Canadians are set to become increasingly disillusioned with their government, which authors mostly chalk up to “misinformation,” “conspiracy theories” and “paranoia.” -National Post

“Law enforcement should expect continuing social and political polarization fueled by misinformation campaigns and an increasing mistrust for all democratic institutions,” reads one of the report’s “overarching considerations,” the Post reports.

“Erosion of Trust”

“The past seven years have seen marked social and political polarization in the Western world,” reads part of the first sentence of a heavily redacted section, entitled “erosion of trust,” with the remainder deleted by government censors – who also eliminated most of a section warning about “paranoid populism.”

…click on the above link to read the rest of the article…

Civil Liberties Supporters Sue Trudeau’s Government for Freezing Bank Accounts

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Twenty plaintiffs heavily embroiled in the 2022 Freedom Convoy, have initiated a legal battle against Prime Minister Justin Trudeau and other high-ranking members of his cabinet, at the Ontario Superior Court of Justice.

The lawsuit results from the government’s decision to freeze their financial assets under the measures of the Emergencies Act—an act which they feel breached their Charter rights.

The list of defendants includes not only Trudeau, but names such as Deputy Prime Minister Chrystia Freeland, former ministers Marco Mendicino and David Lametti, ex-RCMP commissioner Brenda Lucki, acting Ottawa Police commissioner Steve Bell, and numerous banks across Canada. The lawsuit, lodged by the Calgary-based Loberg Ector LLP, calls for a total of $2.2 million in compensation for each plaintiff.

We obtained a copy of the complaint for you here.

The defendants are accused of malicious and high-handed misconduct, breaching contractual agreements, and committing an “assault and battery” on the plaintiffs by unlawfully seizing their bank accounts. These actions, the plaintiffs argue, violate section 2(b) and section 8 Charter rights, which protect their freedom of expression and safeguard against unauthorized search and seizure.

Text exchanges between Ben Chin and Tyler Meredith, senior advisers to the Prime Minister, reveal that the seizure of Freedom Convoy assets was planned as early as early February of 2022 when the Prime Minister’s Office started applying pressure on banks to do so.

Even given the political context, concerted efforts of banks and insurers to resist making moves against their clients were recorded. These exchanges were admitted into the Public Order Emergency Commission as evidence since the commission evaluates the appropriateness of invoking the Emergencies Act in situations like convoy protests.

…click on the above link to read the rest…

After Court Victory for Freedom Convoy, Canadians Ready to Sue

After Court Victory for Freedom Convoy, Canadians Ready to Sue

Several Freedom Convoy protesters, buoyed by a recent victory in Canadian federal court, said they’re preparing to sue the federal government, banks, and the police that brought the 2022 protest to a heated end.

“I think it’s the second phase to what took place with the federal court case,” military veteran and plaintiff Eddie Cornell said. “We’ve got a big hill to climb, but it’s something that’s necessary. It has to be done.”

On Jan. 23, Federal Court Justice Richard Mosley issued a ruling against the federal government’s invocation of the Emergencies Act in response to the protests and blockades that gridlocked Canada’s capital Ottawa for weeks.

The government’s use of the act did “not bear the hallmarks of reasonableness—justification, transparency and intelligibility—and was not justified in relation to the relevant factual and legal constraints that were required to be taken into consideration,” Justice Mosley wrote in his ruling.

Police veteran and plaintiff Vincent Gircys, whose bank account was frozen for more than a week under the Emergencies Act, said that while he was initially “very disappointed with our justice system—having worked in there for 32 years”—he’s pleased to see that “some level of justice is being restored.”

Alberta contractor Jeremiah Jost, who, alongside his wife, drove to Ottawa as part of the convoy, said he was “incredibly encouraged by Justice Mosley’s ruling and his courage to put his neck out.”

The ruling has likely given hope to Canadians who are upset with the country’s justice system, he said.

…click on the above link to read the rest…

Coming Soon: Your Travel Will Be Restricted By Personal Carbon Allowances

“Experts suggest” your standard of living be reduced by over 85%

A report on the future of travel and tourism, co-authored by a travel agency called Intrepid Travel and The Future Labs Institute, posits a future deeply impacted by climate change and restrictions on tourist travel to combat it.

“A Sustainable Future for Travel”, warns of “travel extinction”, where some areas suffer such radical climate change that all tourism there ceases, and “personal carbon allowances” that will restrict how often one is permitted travel.

From the report (pardon the length, emphasis added):

“Carbon Passports

A personal carbon emissions limit will become the new normal as policy and people’s values drive an era of great change.

As demonstrated by a worldwide tourism boom, the frequency at which we can fly is once again seemingly unlimited.

Conscience and budgets permitting, we feel free to hop on planes from one place to the next. But this will change. ‘On our current trajectory, we can expect a pushback against the frequency with which individuals can travel, with carbon passports set to change the tourism landscape,’ says Raymond [Martin Raymond, Future Laboratories co-founder]

Personal carbon allowances could help curb carbon emissions and lower travel’s overall footprint.

These allowances will manifest as passports that force people to ration their carbon in line with the global carbon budget, which is 750bn tonnes until 2050.

By 2040, we can expect to see limitations imposed on the amount of travel that is permitted each year.

Experts suggest that individuals should currently limit their carbon emissions to 2.3 tonnes each year – the equivalent of taking a round-trip from Rio de Janeiro, Brazil, to Riyadh, Saudi Arabia..

…click on the above link to read the rest…

Today’s Contemplation: Collapse Cometh III; Grieving: There Are No ‘Solutions’ to Overshoot

Today’s Contemplation: Collapse Cometh III

August 14, 2020

Athens, Greece (1993) Photo by author

Grieving: There Are No ‘Solutions’ to Overshoot

My comment posted on The Tyee in response to an article highlighting the increased occurrence of earthquakes as a result of hydraulic fracturing by the oil and gas industry in an area of British Columbia, Canada, and imperilling local infrastructure and construction of a large hydroelectric dam.

_____

Until and unless there is a complete dismantling and dismemberment of the current sociopolitical and socioeconomic systems in place globally, these type of situations and associated abuses of people and the planet will continue will little disruption.

I realise that a significant majority of people believe democracy, technology, and human ingenuity can save us from ourselves but this is highly unlikely (impossible?). We are so far down the rabbit’s hole that such magical thinking is likely common so as to reduce our cognitive dissonance en masse (and compounded by the constant propaganda thrown at us). It does nothing to resolve our dilemmas; in fact, it might actually hamper ‘solutions’ by avoiding more effective pathways and harvesting our finite resources even faster.

I truly believe we need to move quickly through Kubler-Ross’s stages of grief, getting past the denial and bargaining (for this is what is happening as more and more people come to realise we are pursuing unsustainable and suicidal ways, but don’t want to face the uncomfortable and negative consequences that are becoming increasingly obvious; they engage in magical thinking to convince themselves we’re okay with just a tweak here or a tweak there).

We need to come to accept that our chasing the infinite growth chalice must stop, and that all the ‘baubles’ promised from this pursuit by the sociopathic ‘leaders’ that profit from their control of the wealth-generating and -extraction systems that arise from this economic/political quest of growth are not worth the journey over the cliff ahead.

If we do not choose to stop this insanity now, we can be assured that nature will do it for us and we are not going to enjoy the choices nature makes for us to reset things to some sort of balance. The collapse that accompanies overshoot is never ‘fun’ for the species experiencing it.

And we have a species that will be fighting over the scarce resources remaining with the most destructive weaponry in human history. In fact, this fight has been going on for some decades (one could argue it’s been going on since humans first ‘arrived’ on the planet) and seems to be intensifying quickly (and has little to do with the left/right political spectrum disagreements, but a result of diminishing returns on our exploitation of resources). If we should have learned anything from the spread of Covid-19, is that exponential growth moves much faster than we imagine and can overwhelm a system in no time.

While it is very likely (guaranteed?) that our sociopathic ruling class will not stop this insanity (for it is their revenue stream and base of power), it is up to each and every one of us to remove ourselves as much as is possible from the Matrix and all the components of it that supports the unsustainable systems we are enmeshed in.

The journey will not be easy nor straightforward, but if we reach a tipping point of world citizens that reject the systems imposed upon us by the ‘elite’ we may just have a chance…maybe.

Canada To Create Registry Of Podcasters In Potential Censorship Initiative 

Canada To Create Registry Of Podcasters In Potential Censorship Initiative 

Prime Minister Justin Trudeau is taking Canada down a dangerous path of censorship to regulate streaming services and social media platforms. The next regulation phase comes as some podcasters will soon have to register with the Canadian Radio-television and Telecommunications Commission.

The Online Streaming Act, formerly Bill C-11, goes into effect on Nov. 28, meaning any online streaming service that operates in Canada and generates revenue of more than $10 million in a given year will have to register with CRTC.

The Canadian government pitches the new rule as a “modern broadcasting framework that can adapt to changing circumstances. To do that, we need broad engagement and robust public records.” It requires those podcasters to register with CRTC ‘only once’ and “collects basic information” from them, such as:

“First, the CRTC is setting out which online streaming services need to provide information about their activities in Canada.”

So what’s with the government creating a database of prominent podcasters?

One potential reason could be for the Liberal government to censor unapproved government narratives quickly. Having a registry of podcasters and the type of content they create makes it much easier for those in the government’s censorship department.

The CRTC now wants to regulate podcasts,” Toronto Sun’s Brian Lilley posted on X, adding, “Here is my simple message to them. Go to hell.”

On Sunday morning, Elon Musk chimed in on the conversation, responding to X account Wall Street Silver: “Regulate podcasts!?” 

While Trudeau has called everyone under the sun a ‘Nazi,’ from a Jewish member of parliament named Melissa Lantsman to “Freedom Convoy” trucker protesters, the radical leftist prime minister recently applauded a literal Waffen-SS Nazi with Ukrainian president Volodymyr Zelensky in Canada’s Parliament.

…click on the above link to read the rest…

Canada Launches UN Declaration Targeting Online ‘Disinformation’

Canada Launches UN Declaration Targeting Online ‘Disinformation’

Canada has launched a U.N. declaration that calls for action to protect what it calls “information integrity” and to tackle “disinformation.”

Foreign Affairs Minister Melanie Joly has launched a United Nations declaration that calls for action to protect what it calls “information integrity” and to tackle “disinformation.”

Ms. Joly launched the Global Declaration on Information Integrity Online jointly with Dutch Foreign Affairs Minister Hanke Bruins Slot during the U.N. General Assembly in New York on Sept. 20.

“Information integrity is essential to help ensure the strength of democratic processes and to protect fundamental rights,” says a joint statement by Canada and the Netherlands.

“The erosion of information integrity, including the propagation of disinformation, weakens the strength of democratic engagement.”

In a speech on Sept. 20, Ms. Joly said the declaration is a “concrete step toward establishing global norms on disinformation, misinformation, and information integrity,” the National Post reported.

Speaking to the U.N. on the same day, Ms. Bruins Slot said the emerging online environment makes it difficult to determine what is and what is not truthful.

“Every day, the world is flooded with disinformation and misinformation. Rapid advances in technology—particularly generative AI—make it more and more difficult to tell fact from fiction,” she said.

Canada, the United States, the United Kingdom, Germany, Australia, Japan, and South Korea are among the 30 countries that have signed the declaration.

The declaration promotes concepts such as respect for “the right to freedom of opinion and expression, and the freedom to seek, receive, and impart information.”

It says signatories need to “take active steps to address misinformation and disinformation targeted at women, LGBTIQ+ persons, persons with disabilities and Indigenous Peoples.”

…click on the above link to read the rest…

Science Snippets: “If We Start Right Now …”

Science Snippets: “If We Start Right Now …”

Every day, I receive an email message from at least one person with this line, or something like it: “If we start right now …” The message then goes on to say that, if we start right now, we can fix the climate emergency. We can preserve habitat for human animals if we start taking action, collectively, right now.

The latest message came from Bill, of course. Bill knows the message from the corporate media is nonsense. In fact, the content of Bill’s message was one line, followed by a link to an article in Axios. The line written by Bill was, “More hopium soaked BS.” Sure enough, the article in Axios was, and is, hopium-soaked BS. Here’s the title of the paper published 13 June 2023, and then I’ll describe and quote from the article: “Climate extremes raise questions, concerns about faster warming.”

Nature Bats Last Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

The article begins with a figure of daily global average sea surface temperatures plotted over time. Included in the graph is the 1982-2011 average, as if that’s a reasonable baseline. It includes the average for this period and it highlights sea surface temperature for all of 2022 and the first half of 2023.

Early on, the article includes a section called The big picture. Here’s the big picture, which includes embedded links to four additional stories: “Global surface air and ocean temperatures have spiked sharply in recent months, along with record low Antarctic sea ice, extreme heat events around the world, as Canada’s heat and wildfire crisis grips North America. Along with other developments, the combination of these factors have raised alarms regarding whether climate change is accelerating.”

…click on the above link to read the rest…

Canada’s Bill C-26: Yet Another Government Power Grab

Canada’s Bill C-26: Yet Another Government Power Grab

Technocracy – a 1933 cartoon by Winsor McCay.

Soviet Era Ethos Stomps Privacy and Due-Process

Another doozy from the Canadian government.

Following along several other bills winding their way along the Road to Serfdom…

  • Bill C-11 regulates the internet under the CRTC and paves the way toward institutionalized content moderation, the requirement for licenses to publish online, and regulation of user generated content (in Senate)
  • Bill C-36 the Online Harms Bill sought to designate political dissent as “hate speech” and invoked penalties for criticizing politicians (not sure where this one is at the moment).
  • Bill C-18 throws a funding lifeline to Canada’s flailing agitprop industry (a.k.a the mainsteam media), in that it will require tech platforms to pay licensing fees for content the media outlets post there (passed third reading in November). This bill will reward big media conglomerates like Bell, while freezing out small and independent organizations.

Here comes another one, Bill C-36: An Act respecting cyber security, amending the Telecommunications Act and making consequential amendments to other Acts, which passed first reading last June.

It’s been largely flying under everybody’s radar so far. The Canadian Civil Liberties Association has been actively raising awareness and Michael Geist had Brenda McPhail, their Director of the Privacy, Technology and Surveillance Program on his podcast last October.

 



We mentioned C-26 in AxisOfEasy #273 citing Gowling WLG’s coverage of it by Brent Arnold (Brent Arnold sits on the Internet Society Canada Chapter board, as do I, but I am writing this post from my role as easyDNS CEO, and not ISCC.)The Government Hereby Grants Itself The Following Powers:

The new bill is ostensibly a cyber-security and critical infrastructure bill, but it is riddled with nebulous, open-ended terms, Kafka-esque secrecy provisions, onerous penalties and conspicuously absent of any semblance due process:

…click on the above link to read the rest…

More Than Half of Canadians Worried About Putting Food on the Table: Poll

More Than Half of Canadians Worried About Putting Food on the Table: Poll

A new poll suggests that more than half of Canadians surveyed are worried about having enough money to put food on the table, while 86 percent of people are worried the country will face an economic recession in 2023.

Food inflation is reported at higher than 10 percent, and the most recent Canada Food Price Report released Dec. 5 says the cost of groceries will increase another 5 to 7 percent on average next year. These are the highest increases in food prices in the last 12 years that the report has been produced.

“This year’s report predicts that a family of four, including a man (age 31–50), woman (age 31–50), boy (age 14–18), and girl (age 9–13) will pay up to $14,767.36 for food, an increase of up to $966.08 from the total annual cost in 2021,” said the report.

Food price increases in Alberta, British Columbia, Newfoundland and Labrador, Ontario, and Saskatchewan will likely be higher than the national average in 2022, while price increases in the remaining provinces will be lower.

Gas Costs

Besides food prices, Canadians are also worried about putting gas in their cars and trucks. Sixty-one percent of 1,005 adult Canadians surveyed Nov. 11–15 in the Ipsos poll commissioned by Global News said they were worried they may not be able to afford fuel for their vehicles.

Seventy-one percent were worried that interest rates will rise too fast, while 42 percent said they were worried about losing their jobs if the economy did not rebound.

Fifty-two percent of Canadians surveyed said they were worried they would be short of money to buy Christmas gifts, and 48 percent said they were worried about overspending during the holidays. Eighty-one percent of those surveyed were worried inflation was making everyday items less affordable.

…click on the above link to read the rest…

Be it Resolved: Don’t Trust Mainstream Media

Be it Resolved: Don’t Trust Mainstream Media

My opening remarks for the Munk Debates in Toronto tonight

Tonight at the Roy Thomson Hall in Toronto, I’m teaming up with The War on the West author Douglas Murray in the prestigious Munk Debates. Our opponents are Malcolm Gladwell, bestselling author and New Yorker staff writer, and Michelle Goldberg, MSNBC contributor and columnist for the New York Times. The subject tonight: “Be it resolved: Do not trust the mainstream media.”

You can probably guess which side I’ll be arguing. Below, a transcript of my opening remarks (you’ll receive this as the event begins). More on the event after its completion. Thanks to everyone for being patient this week as I prepared.

Be it resolved: don’t trust mainstream media.” My name is Matt Taibbi, I’ve been a reporter for 30 years, and I argue for the resolution. You should not trust mainstream media.

I grew up in the press. My father was a reporter. My stepmother was a reporter. My godparents were reporters. Every adult I knew growing up seemed to be in media. I even used my father’s TV mic flag as a toy. I’d go in the backyard, stand with my back to the house, and play “live shot”:

Chet, I’m in Norwell, Massachusetts, where firefighters are battling a three-alarm blaze…

I love the news business. It’s in my bones. But I mourn for it. It’s destroyed itself.

My father had a saying: “The story’s the boss.” In the American context, if the facts tell you the Republicans were the primary villains in this or that disaster, you write that story. If the facts point more at Democrats, you go that way…

…click on the above link to read the rest…

Canadian Banks Slammed For Continued Fossil Fuel Investments

Canadian Banks Slammed For Continued Fossil Fuel Investments

  • Canadian banks are receiving backlash from investors for their continued investments in fossil fuels.
  • All Canadian banks were revealed to have increased their exposure to fossil fuels between 2020 and 2021, by between 25 percent—TD and BMO—and 132 percent for CIBC.
  • The report is the latest example of investor pressure on financial institutions to reduce their lending to fossil fuel companies.

An investor group has criticized Canadian lenders for investing heavily in fossil fuels despite the Paris Agreement, noting that all of the largest Canadian banks still need to be ready for net zero.

In a report titled Net Zero Policy Report Card, Investors for Paris Compliance graded Canada’s largest banks on several indicators, including fossil fuel investments, climate targets, and emissions reporting.

In fossil fuel investments, all banks were revealed to have increased their exposure between 2020 and 2021, by between 25 percent—TD and BMO—and 132 percent for CIBC.

According to the report, RBC invested $48.5 billion in fossil fuels last year, up 101 percent on 2020, and Scotiabank increased its exposure to the sector by 87 percent to $38 billion.

TD’s fossil fuel investments rose to $26.4 billion, and BMO’s went up to$23.5 billion. CIBC invested $27.8 billion in fossil fuels in 2021, Investors for Paris Compliance said, noting that the sixth bank under review, National Bank, had no data published on its fossil fuel industry exposure.

The report is the latest example of investor pressure on financial institutions to reduce their lending to the fossil fuel sector and focus on emission reporting and reducing measures in line with international Paris Agreement commitments.

This, however, stands in stark contrast with warnings, including from the IEA, that not enough is being invested in the new supply of fossil fuels, including coal, which this year saw a real renaissance.

…click on the above link to read the rest…

Olduvai IV: Courage
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Olduvai II: Exodus
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