{"id":44898,"date":"2019-03-29T19:40:20","date_gmt":"2019-03-30T00:40:20","guid":{"rendered":"https:\/\/olduvai.ca\/?p=44898"},"modified":"2019-03-29T19:40:23","modified_gmt":"2019-03-30T00:40:23","slug":"how-citizens-can-stop-the-big-fives-disastrous-fossil-fuel-funding","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=44898","title":{"rendered":"How Citizens Can Stop the Big Five\u2019s Disastrous Fossil Fuel Funding"},"content":{"rendered":"\n

How Citizens Can Stop the Big Five\u2019s Disastrous Fossil Fuel Funding<\/a><\/h3>\n\n\n\n

Canada\u2019s major banks have financed $464 billion worth of fossil fuel projects since 2016.<\/strong><\/p>\n\n\n\n

\"BigBanksClimateChaos.jpg\"\/
\u2018What would happen if young Canadians started to pledge to never do business, including mortgages, with any bank that is investing in making their future worse?\u2019 Photo by Jonathan McIntosh<\/a>, Creative Commons license CC BY-SA 2.0<\/a>.<\/figcaption><\/figure>\n\n\n\n

My first bank account was with RBC, back when they were still into being called \u201cRoyal.\u201d I didn\u2019t so much as choose them as just follow my parents, like you do with the family toothpaste brand.<\/p>\n\n\n\n

Today it turns out that RBC is doing more to undermine my son\u2019s future than any bank in Canada.<\/p>\n\n\n\n

I\u2019ve long since switched to a credit union. I couldn\u2019t stand the predatory profits<\/a> Canada\u2019s five big banks rack up each year, or that they pay their executives such exorbitant amounts of money \u2014 in 2018 the five CEOs took home<\/a> $62 million between them. All while dinging their customers for service fees every chance they get.<\/p>\n\n\n\n

But if you are a young person getting your first account you have another reason to dislike the big banks. They are not just betting against your future; they are actively working to make it worse.<\/p>\n\n\n\n

A new international report Banking on Climate Change<\/a> finds in the three years since the Paris Agreement<\/a> was adopted, Canada\u2019s big five banks have financed a staggering $454 billion worth of fossil fuel projects, with RBC leading the pack. This includes $160 billion of financing for the expansion of new fossil fuels both in Canada and around the world.<\/p>\n\n\n\n

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Source: Banking on Climate Change.<\/figcaption><\/figure>\n\n\n\n

Scientists have told us we have less than 12 years<\/a> to cut emissions almost in half, representing a dramatic reduction in fossil fuel use, to limit global warming to 1.5 degrees Celsius.<\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

How Citizens Can Stop the Big Five\u2019s Disastrous Fossil Fuel Funding Canada\u2019s major banks have financed $464 billion worth of fossil fuel projects since 2016. My first bank account was with RBC, back when they were still into being called \u201cRoyal.\u201d I didn\u2019t so much as choose them as just follow my parents, like you […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[3048,328,25462,5499,23884],"class_list":["post-44898","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-canadian-banks","tag-fossil-fuels","tag-matt-price","tag-the-tyee","tag-thetyee-ca"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44898"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44898\/revisions"}],"predecessor-version":[{"id":44899,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44898\/revisions\/44899"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}