Canada's top fossil bank continues to violate Indigenous rights and global human rights while investing heavily in fossil fuels
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Hear from the participants at today's press conference
Toronto, Ontario – Outside Royal Bank of Canada's annual general meeting (AGM) today, Indigenous and Black land advocates testified indoors as hundreds rallied outside in the rain. As a result, RBC conceded some of its demands on indigenous rights and climate change. Pour billions of dollars into fossil fuel projects across Canada and around the world, violating the sovereignty and human rights of Indigenous peoples.This comes amidst a looming problem shareholder Showdownprotests are growing at branches and offices across Canada. Digital campaigns that interact directly with employees.
Chief Namok, Wet'suwet'en hereditary chief: “While RBC has added Respect for Free, Prior and Informed Consent to its Human Rights Statement and expanded its Environmental and Social Risk Policy on Indigenous Rights, being true to this means that Coastal Gas It means never funding projects like Link again, a pipeline that continues to threaten the freedom and democracy of First Nations and all Canadians. This story and RBC's role in Coastal Gas Link now We are known around the world. We meet and share information with communities threatened by projects like this. Unless we take bold action to respect our sovereignty and rights, RBC’s costs to fund fossil fuel projects on Indigenous lands will continue to rise.”
Vanessa Gray, Amjiunan First Nation: “By failing to recognize the inherently important role of Indigenous teachings and traditional land uses, Royal Canada Bank is at risk for the unsustainable development that this company is funding. They are interested in wasting their time rewriting green hypocrisy while watching the climate collapse under the pressure of extraction. Indigenous peoples have protected our sacred knowledge through unimaginable genocide, and our collective strength exceeds the cost RBC will pay for our future. .”
Dozens of Indigenous and Black land defenders and allies from across Turtle Island (North America) attended Thursday's annual meeting, where they met with people such as: Obstruction, censorship, and silence of the RBC Board despite the importance of the issues raised regarding human rights, indigenous sovereignty, and reckless investment in fossil fuels.
At a meeting held in Saskatoon last year, Delegates were manhandled and isolated as police surveillance and private security increased..
of Union of British Columbia Indian Chiefs (UBCIC) and British Columbia Government Employees Union (BCGEU) similarly New York City Comptroller and Stand Earth Proposed shareholder resolutions targeting RBC's Indigenous rights and climate change policies.
Through continued pressure and table negotiations, RBC agreed to:
- Indigenous rights: RBC has expanded its environmental and social risk processes to examine the impacts of client activities on indigenous lands and communities (I-ESR) and to draw on internationally recognized indigenous rights standards. Agreed to amend the Human Rights Statement to include a review of new standards. I-ESR policy in racial equality audit to be completed in 2025.
- Climate change: RBC periodically discloses the ratio of clean energy supply loans to fossil fuel extraction loans (the Energy Supply Ratio) and its underlying methodology. This agreement is an important step to better assess banks' role in climate change and whether they are on track to meet their emissions reduction commitments.
As a result, these shareholder resolutions were withdrawn.
United British Columbia Indian Chiefs (UBCIC) Grand Chief Stewart Phillip: “Red blood cells are never dangerous. Policy is one thing, but action is what matters. We will closely monitor the progress of RBC. Respect for FPIC only applies where consent is given. It is not an optional standard. It must also include the right to say 'no' and have it respected.“
Richard Brooks, Director of Climate Finance, Stand.earth: “Last year, RBC segregated Indigenous and Black leaders, and this year they tried to censor voices on the front lines. But our voices were heard loud and clear. We can't outrun the fires and floods with incrementalism and greenwashing while pouring billions into fossil fuels. Many people will join forces to defeat dirty money.“
Hundreds of people concerned about RBC's regressive policies that are harming the planet and violating human rights around the world gathered outside General Assembly in Toronto, joined by Wet'suwet'wet'en Land Defenders, Palestine Youth Movement and Keepers.・Speakers from Of the Water attended. Participants marched around the Toronto Congress Center, where shareholders gather, and were met by heavy police and private security. The rally featured indigenous drumming, a custom soundscape and his 15-foot inflatable by RBC CEO Dave McKay.
Red blood cells continue to be investigated by the Canadian government competition bureau over the company's climate advertising campaign, which it says is misleading or „greenwashed.“ Facing securities complaints for allegedly misleading investors by using terms such as „sustainable finance“ without providing the necessary data.
RBC is funding at least US$250 billion It has been trading fossil fuels since 2016 and has one of the worst clean and dirty energy financing ratios in the world. BloombergNEF. In 2022, for every $1 invested in fossil fuels, only $0.37 was invested in clean energy. For banks to play a role in limiting global warming to 1.5 degrees Celsius, the ratio needs to be 4:1 in favor of clean energy.
RBC’s own 2030 climate change initiatives It falls far short of what Canada's largest fossil fuel financier needs from action on the climate crisis, and it doesn't meet the standards set by the government. Government of Canada aims to reduce emissions by 2030 (Example: 42% reduction in absolute emissions from oil and gas by 2030).
Quotation:
Celine Isimbi, University of Waterloo student and Change Course organizer, said: RBC is putting the lives of frontline communities at risk and the futures of young people while funding “sustainable finance” programs and on-campus competitions to greenwash its actions. . Students see this through and are taking action. Until major student unions representing hundreds of thousands of students call on big banks to stop funding these harmful projects, and students permanently close RBC branches on campus. are standing up against Canada's largest university. Bank.
Dr. Crystal Cavalier Keck, CEO and co-founder of 7 Directions of Service and citizen of the Occaneechi Band of Saponi Nation. Members of the fight against the RBC-funded Mountain Valley Pipeline said: “Violence on the land is violence against our bodies. Yet the Royal Bank of Canada still underwrote the $27 million bond for the Mountain Valley Pipeline, which will harm many of our communities.” For humans, it is a death sentence. From Appalachia to Inta, our strong coalition will continue to stand in defense of the most vulnerable among us and our great grandmother, the Earth.”
Tara Hoska, attorney and founder of the Giniu Collective, Cowichan First Nation; Engaged with opponents of Enbridge Line 3 (RBC funds Enbridge), he said: “Wildfire seasons are year-round, growing seasons are disrupted, and clean fresh water is becoming more and more precious. Yet here we are, with Royal Bank of Canada, one of the world's largest sources of fossil fuel financing. Many indigenous cultures call on us to stand up for our children and our planet. You've cost your customers and shareholders untold billions of dollars in legal battles, reputational damage, and more. It's no longer time to defend human rights and respect children's right to a habitable planet. It’s timeless.”
„We're thrilled to have the opportunity to be a part of the community,“ said Sharon Lavigne, community organizer and founder of Rise St. James. „For the sake of environmental and racial justice, we are sending a message from St. James, Louisiana (often referred to as 'Cancer City') to defund deadly petrochemicals in the Gulf South. will be delivered directly to RBC's general meeting of shareholders. We are uniting our struggles to fight for the clean, healthy and safe future we all deserve. ”
Rawan Habib of the Palestinian Youth Movement said:We know that RBC's investments in settler colonialism extend beyond so-called Canada, as it continues to fund genocide in Palestine and around the world. RBC currently funds some of the major weapons manufacturers that are actively targeting people in Gaza and throughout Palestine. RBC should stop investing in genocide. ”
said Juan Mancias, Tribal Chairman of the Carrizo/Comecrudo Tribe of Texas. “RBC's history and current actions are full of bad solutions and bad investment decisions that will not protect our future for generations to come. They are accomplices in crimes against humanity and tribal annihilation, theft of land that is sacred to the indigenous peoples of the land, plundered by financial aid.”
“The Texas Environmental Campaign’s Gulf Coast Fossil Finance Organizer, Kathryn Hahn, said: “Royal Bank of Canada funds U.S. nuclear weapons companies, artificial intelligence, and surveillance of the Israeli military and U.S. border areas. RBC also funds current LNG export terminals in Texas and Louisiana. Royal Canada Bank claims to be a leader on climate change, remains Canada's number one fossil financier, and actually increased its support for fossil fuel expansion last year. The increased lending is a complete joke. The Gulf South will continue to come back to protect our business in the face of RBC, which continues all its racist, dirty profiteering back home.“
Jason Crazy Bear Keck, co-founder of 7 Directions of Service, said:We, as indigenous peoples, people of color who have historically been exploited and targeted, and as allies and accomplices who are witnessing the harm of heritage pollution in frontline communities, are aware of the unsustainability and the obvious climate. I find it incomprehensible that I have to keep explaining the confusion. It took just over a century to be imposed on the majority of the world for the irresponsible and inflated interests of a select few. We here hold ourselves responsible and accountable to those who know better but consistently fail to do better. We call on all people to stand with us for the sake of our own future generations, the future of all our non-two-legged relatives, and the planet itself. ”
Laura Ullman, Greenpeace Canada's climate change director, said: “As we stand together, the tide is turning. Fossil fuel projects that RBC continues to fund violate Indigenous rights and create today's climate chaos. This means ending financing for new or expanded fossil fuel production, using the IEA net-zero scenario to guide our climate change strategy, and immediately setting out reduction targets and plans to halve financing emissions by 2030. It means ensuring that all funded projects are supported, affirmed and implemented with respect for the rights of Indigenous peoples.”
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For more information, please contact us below.
Laura Ullman, Greenpeace Canada Climate Change Director
(email protected) ; +1 438 992-1763