The Pledge

A graphic that says "Banking on Climate Chaos 2022 Report: Canadian Banks Investmens in Fossil Fuels 2016-2021: $900 Billion" Beneath the text is a graph that shows RBC has financed $262B, Scotia $194B, TD $183B, BMO $152B, and CIBC $117B

Since 2016, the big 5 Canadian banks have provided $900 BILLION financing to fossil fuels and fueling the climate crisis. The science is clear – globally, we are set to burn 120% more fossil fuels than is consistent with staying below 1.5 degrees warming. But the big banks continue to finance more fossil fuel production.

Without enormous loans from banks, new fossil fuel projects, like the Trans Mountain Expansion (TMX) and Coastal Gaslink Pipelines, would not be possible. Beyond the environmental impact, we know that these projects have not sought Free, Prior and Informed consent from the Indigenous nations whose territories they will cross. Indigenous resistance to these pipelines has resulted in violent arrests, surveillance, and restricted movement of Indigenous people on their lands. This is why we demand the banks divest. We must show them that the climate crisis and Indigenous sovereignty matter to their customer base. The banks are putting off change because they continue to put short-term profits over the long-term well-being of people and the planet.

As young people, we have the power to stop the big banks’ fossil fuel financing. Acting together, we will create reputational risk for the banks by demonstrating that young people are rejecting the banks’ archaic investments in fossil fuels. Signing the pledge is an important step, but it’s just the beginning. Together, we will continue to build and apply pressure on the banks to divest from their dirty investments

Another relationship with banking is possible. Moving away from the banks is also an opportunity to move our money into our local economies through credit unions and support a more just transition to end the climate crisis.  Read more and find out about specific credit unions in your province on our “banking alternatives page.”

How it works:

  1. Sign the pledge to let the big banks (RBC, TD, BMO, CIBC and Scotiabank) know that you plan to move your funds to an institution that does not prop up the fossil fuel industry. You, along with a generation of young people, know that we must prioritize climate action and justice to build a livable world, and the banks’ false promises and greenwashing are not enough. 

  2. Contact your branch manager to let them know you have signed, and let them know that you intend to close your account if the bank does not make meaningful climate commitments. If you do not yet have your own bank account, contact local bank branch managers and let them know that you intend to open your first account with an alternative institution whenever you are able. This is super important! Banks put a lot of effort into recruiting young people to start their first account with them, so let them know you’ll be taking your business elsewhere.

  3. Open your new account. Click here for information on alternative banking options.

  4. Close your account at a big five bank.

  5. Organize with us! If you are a university or college student, reach out to our campus organizing lead by emailing michelle@bankingonabetterfurture.org If you want to organize off campus, check out our handbook for next steps.