Are you aware that your bank is investing in one of the most polluting projects on the planet? A recent Canada-wide protest highlighted the link between the Royal Bank of Canada (RBC) and Alberta’s Tar Sands.
"RBC clients and individual shareholders might be interested to know that their bank is the largest financier of Alberta's Tar Sands, the most destructive project on earth," says Eric Swanson, Dogwood's Corporate Campaigner.
The Vancouver Island-based Dogwood Initiative explains that in 2008, RBC financed an estimated $641 million (US$621M, €453M) of capital used by oil and gas companies operating in the Alberta tar sands. RBC is also the second largest financier of Enbridge Inc., the company proposing a tar sands pipeline to a tanker terminal at Kitimat, on BC’s coast.
Environmental organizations believe that the massive tar sands projects are a significant factor in Canada stalling on taking meaningful action on climate change.
“$1 held in an RBC bank account does more to fuel climate change than the same dollar in any other Canadian bank," says Swanson. "We're encouraging RBC clients to consider switching to a credit union - that does not invest in the tar sands."
Visit: http://dogwoodinitiative.org/
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