• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
Celebrating our 1,000th edition. The climate news you need
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  FEATURED
Ex-Fossil Workers Convert Old Oilfields to Solar Farms After ‘Rapid Upskilling’ in Alberta June 29, 2022
London Becomes Biggest City to Sign Fossil Fuel Non-Proliferation Treaty June 29, 2022
G7 Miss ‘Golden Opportunity’, Walk Back Pledge to Cut International Fossil Finance June 29, 2022
Soaring Fertilizer Prices Could Deliver ‘Silver Lining’ For Emissions, But Farmers Struggle to Limit Use June 26, 2022
BREAKING: UN Nature Summit, the ‘Paris Conference for Biodiversity’, Moves to Montreal in December June 19, 2022
Next
Prev
Home Climate & Society Community Climate Finance

Activist Investors Want Annual Shareholder Votes on Banks’ Climate Risk Strategies

March 16, 2022
Reading time: 2 minutes

Lucio Santos/flickr

Lucio Santos/flickr

14
SHARES
 

An activist investor group in Montreal is calling on Canada’s seven biggest banks to conduct annual “say-on-climate” votes to let shareholders pass judgement on their climate risk strategies. The Globe and Mail says the banks aren’t keen on the idea.

Say-on-climate proposals “are becoming mainstream around the world, with carbon reduction an imperative in high-emitting industries and their lenders,” the Globe reports. Now the Mouvement d’éducation et de défense des actionnaires (Movement for the Education and Defence of Shareholders, or MÉDAC) wants Canadian banks to follow the trend. The group received an average 14% of shareholder support for the environmental resolutions it put forward last year.

In its latest proposal, “MÉDAC cites research from the Rainforest Action Network, done in 2019, that shows Canada’s banks, including Royal Bank of Canada, Toronto-Dominion Bank, and Bank of Nova Scotia, were among the top-10 funders of fossil fuel development, providing US$89-billion,” the news story states. “It said Bank of Montreal and Canadian Imperial Bank of Commerce were ranked 16th and 21st.”

Last year’s Banking on Chaos Report, of which RAN was a co-author, identified $3.8 trillion that global banks had handed over to the fossil industry since the Paris climate agreement was signed. At the time, the RBC Revealed campaign singled out Canada’s biggest bank for the “dubious honour of punching above its weight”, with C$14 billion invested in carbon-heavy projects like the Coastal GasLink and Line 3 pipelines.

Now, MÉDAC says those investment activities “run counter to what is needed to address the findings by the Intergovernmental Panel on Climate Change, which has concluded global warming is occurring at a faster pace and producing widespread effects that are more definitively tied to human influence than ever before,” the Globe says.

But RBC, Scotiabank, CIBC, and National Bank of Canada are asking their shareholders to reject the MÉDAC resolutions. “They point out they are making strides, citing their commitments to make hundreds billions of dollars available for sustainable finance initiatives, to push clients to pursue decarbonization efforts, and to support the development of green and energy transition technology as part of their net-zero plans,” the Globe writes.



in Canada, Climate Denial & Greenwashing, Community Climate Finance, Legal & Regulatory

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Keith Hirsche
Jobs & Training

Ex-Fossil Workers Convert Old Oilfields to Solar Farms After ‘Rapid Upskilling’ in Alberta

June 29, 2022
411
London Eye UK England
Cities & Communities

London Becomes Biggest City to Sign Fossil Fuel Non-Proliferation Treaty

June 29, 2022
131
Number 10/flickr
International Agencies & Studies

G7 Miss ‘Golden Opportunity’, Walk Back Pledge to Cut International Fossil Finance

June 29, 2022
146

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

François GOGLINS/wikimedia commons

Corrosion Problem Shutters Half of France’s Nuclear Reactors

June 29, 2022
227
Keith Hirsche

Ex-Fossil Workers Convert Old Oilfields to Solar Farms After ‘Rapid Upskilling’ in Alberta

June 29, 2022
411
Danielle Scott/flickr

Advocate Urges Ottawa to Intervene Before Ontario Builds Highway 413

June 29, 2022
130
David/flickr

U.S. Supreme Court Expected to Gut Emission Controls as Climate Scientists Petition for Plan B

June 26, 2022
1.2k
Number 10/flickr

G7 Miss ‘Golden Opportunity’, Walk Back Pledge to Cut International Fossil Finance

June 29, 2022
146
London Eye UK England

London Becomes Biggest City to Sign Fossil Fuel Non-Proliferation Treaty

June 29, 2022
131

Recent Posts

AJEL / Pixabay

Windfall Tax on Food, Fossil, Pharma Giants Would Raise $490B to Solve ‘Catastrophic’ Food Crisis: Oxfam

June 29, 2022
58
futureatlas.com/flickr

Ottawa Demands Deeper Fuel Emissions Cuts, Offers Fossils a Double-Dip on Tax Breaks

June 29, 2022
78
Province of B.C./flickr

Comox Joins Municipalities Seeking Ban on New Gas Stations

June 29, 2022
78
/Piqsels

Refocus Agriculture Spending to Cut Emissions, Boost Productivity, OECD Urges Governments

June 29, 2022
29
Jimmy Emerson, DVM/flickr

Public Vigilance Key to Protecting Greenbelts for Climate Resilience, Report Finds

June 29, 2022
36
Miguel V/Wikimedia Commons

Forests Fall Short of Full Carbon Storage Potential, Study Finds

June 29, 2022
64
Next Post
TripodStories- AB/wikimedia commons

Coal Mines Emit More Methane than Oil and Gas Wells, with More New Projects On the Way

The Energy Mix

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Navigate Site

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Follow Us

No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}