An energy sector advocate is petitioning three major banks to invest in oil and gas – and to trash their Net Zero commitments.
Advocate corporation InvestNow filed shareholder proposals to the banks of CIBC, TD, and BMO, using its partial ownership to request that the banks re-invest in Canada’s energy sector.
“If banks continue on the divestment path from the sector, we will see more hardship for everyday Canadians,” a Wednesday statement from InvestNow wrote. “Our economy will be hobbled, factories will shut down, people will lose their jobs, [and] energy poverty will grow.”
Executive director Gina Pappano said each banks’ plan to cut finances to the energy sector is an attack on a Canadian cornerstone.
“It means threatening the livelihoods not just of the hundreds of thousands across Canada who work in the sector, but the millions – that is all of us – who depend on it.”
“It’s time for the banks to stop their demonization of and attack on the oil and gas sector.”
In 2021, BMO bank declared its “Net Zero ambition,” including that its finances will be exclusively for Net Zero emissions by 2050.
TD Bank and CIBC made similar commitments.
While statements from each bank said change is necessary, Pappano thinks Canada’s rapid action will be counterproductive.
“The growing demand for oil and gas around the world will be met by other, less responsible, less environmentally friendly suppliers.”
In 2019, the Government of Canada reported that Canada represented 1.5% of global greenhouse gas emissions.
