Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
At Royal Bank of Canada shareholder meeting, Wet’suwet’en Hereditary Chiefs call for an end to fossil fuel finance
Kicking-off shareholder season, Indigenous land defenders, climate finance experts, youth activists ramp up pressure on RBC
Start
Banks
Dodgy Deals

By: Stand.earth
2022-04-07
Traditional territories of the Ho-de-no-sau-nee-ga (Haudenosaunee), Anishinabewaki ᐊᓂᔑᓈᐯᐗᑭ, Mississaugas of the Credit First Nation, Mississauga, and Wendake-Nionwentsïo First Nations (so-called Toronto, Ontario, Canada)

Contact:

Jackie DaSilva, Sunrise Project, +1 647-300-0552

Jen Wickham, Gidimt'en Checkpoint Media Coordinator, +1 778-210-0067


Share this page:

At the conclusion of the meeting, Wet’suwet’en hereditary chiefs spoke at a rally organized by youth advocates and Wet’suwet’en supporters featuring art, and a speak-out. Photo: Joshua Best
Go to:
Start
Related Banks
Related Dodgy Deals

Despite abruptly canceling the in-person portion of their  annual general meeting (AGM) today, the Royal Bank of Canada (RBC) faced growing calls to phase out coal, oil, gas, and tar sands funding, and instead invest in a safe, and renewable future. 

Wet’suwet’en Hereditary Chiefs and climate finance experts asked the RBC Board and management about their role in violating Indigenous rights by bankrolling projects that perpetuate genocide against Indigenous Peoples, such as the Coastal GasLink pipeline, as well as the role of RBC’s fossil fuel financing contributing to the climate crisis. Melina Laboucan-Massimo, the co-founder of Indigenous Climate Action, spoke to  shareholders about how RBC’s financing of the tar sands has detrimental impacts to her homelands, the health of Indigenous people on their territory and to the climate.

"By financing the Coastal GasLink pipeline, RBC is choosing to bypass our right to free, prior, and informed consent and instead justify police violence against unarmed Wet’suwet’en people to push the project through.” said Sleydo’, Spokesperson for Gidimt’en Checkpoint “As an Indigenous woman, I have experienced violence by militarized RCMP to forcibly remove me from my own territory, criminalize me, and jail me. RBC is willing to risk the killing of unarmed Wet’suwet’en people by police to push this project through sovereign lands.”

While RBC rejected a key climate resolution on a technicality, one that would end fossil fuel finance for expansion, Canada’s top fossil bank faced shareholders on 3 key climate resolutions. More than CAD 15.4 billion worth of shares voted in favour of a resolution to more strictly define RBC’s sustainable finance to exclude fossil fuels, CAD 11.5 billion voted in favour of limits on engaging in privatization of pollution intensive industries and CAD 38.3 billion in favour of the board putting forward its own climate plan for shareholder approval in the future.  

At the conclusion of the meeting, Wet’suwet’en hereditary chiefs spoke at a rally organized by youth advocates and Wet’suwet’en supporters featuring art, and a speak-out. This happened in coordination with dozens of events across Canada. 

Despite public climate commitments, Indigenous reconciliation statements, and net-zero rhetoric, RBC has doubled down on fossil fuel financing to the tune of CAD 263 billion since the Paris Climate Agreement was adopted, ranking as the world’s fifth largest fossil bank and Canada’s #1 fossil fuel financier. Canada’s major banks grew support for the fossil sector by 70% in 2021, including alarmingly increasing tar sands financing by 51% to CAD 21 billion, with RBC leading the pack at CAD 6.81 billion.

With an estimated CAD 6.6 billion price tag, RBC is the top commercial bank providing the Coastal GasLink pipeline with working capital, while acting as financial advisor for the pipeline, despite lacking consent from Wet’suwet’en Hereditary Chiefs. Amidst imminent drilling preparation under the sacred Wedzin Kwa river, over 65 Hollywood stars called on RBC to stop financing the pipeline, and end fossil fuel finance once and for all.

At a February 25 landmark meeting between Wet’suwet’en Hereditary Chiefs and RBC executives, Chiefs closed with a gut wrenching video of the years of police violence, arrests, raids, and harassment which continues to this day. The RBC-financed Coastal GasLink pipeline has brought a rise in police violence against Indigenous land and water defenders, with Canadian federal police spending topping CAD 21 million in Wet’suwet’en territory alone.

In addition to Coastal GasLink, RBC is pouring millions into Russian oil and gas corporations,  including Russian-oligarch controlled Evraz which is producing steel for the pipeline. 

"RBC increasing fossil fuel finance over the last year makes its climate rhetoric without actual follow-through just more hot air. Despite record-setting shareholder support for climate action, we are incredibly disappointed that RBC is choosing to light our future on fire instead of being a climate champion," said Sarah Beuhler, Stand.earth Senior Climate Finance Campaigner.

In the weeks and months ahead, creative actions and solidarity events with Wet’suwet’en land defenders will increase public pressure on RBC throughout the Spring and Summer. 

Video's and photo's available here.

From www.standearth.org

Go to:
Start
Related Banks
Related Dodgy Deals

Related banks

Royal Bank of Canada (RBC) Canada

active
Go to:
Start
Related Banks
Related Dodgy Deals

Related Dodgy Deals

Projects

active

Coastal GasLink pipeline Canada

Pipeline Transportation of Natural Gas
There are no projects active for this item now.
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted