TORONTO — A new survey commissioned by Greenpeace Canada found that seven in ten (69%) of respondents believe banks that have committed to a net zero target should be expected to avoid funding and lending to projects that expand the size of the fossil fuel industry. Seventy per cent also agree that the federal government should require banks to bring their fossil fuel financing activities in line with efforts to address climate change.
Previous Greenpeace investigations have found that Canadian banks are playing a growing role financing climate destruction, and are more exposed to climate risk than they are telling investors. Prior to the pandemic, the big five Canadian banks steadily increased their fossil fuel loans and investments since the Paris Climate Agreement was signed — providing almost $700 billion in loans and underwriting services to fossil fuel companies while owning $125 billion worth of shares in the sector.
This poll comes on the heels of the 2021 federal election, during which the Liberal Party promised, if re-elected, would “require climate-related financial disclosures and the development of net-zero plans for federally regulated institutions, which includes financial institutions, pension funds, and government agencies.” The Liberals were indeed re-elected and an overwhelming majority of Canadians support this pledge. It’s time they follow through.
Senior energy strategist Keith Stewart said:
“Canada’s big five banks are all in the top 25 of fossil fuel funders globally. The overwhelming majority of Canadians want banks to be part of the climate solution, and support federal regulation to ensure that they follow through.”
Key findings of the survey:
- 79% support Canadian banks achieving ‘net zero’ greenhouse gas emission by 2050 in order to limit the impacts of climate change, and 69% agree that banks that have committed to this target should be expected to avoid funding and lending to projects that expand the size of the fossil fuel industry.
- 70% per cent agree the government should require banks to bring their fossil fuel financing activities in line with efforts to address climate change, including reducing their financial support for fossil fuels.
- 24% of Canadians say banks should immediately end their funding of fossil fuels, while 50% say banks should either end (31%) or halve (19%) their fossil fuel funding by 2030.
- Three-quarters of Canadians feel Canadian banks should have to disclose any fossil fuel companies they are financing.
These are the findings of a survey conducted by Greenpeace Canada from Nov. 1 to Nov. 4, 2021 with a representative sample of 1,515 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French.
The precise questions and results can be found here.
About the Angus Reid Forum:
The Angus Reid Forum is Canada’s most well-known and trusted online public opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.
ENDS
For more information, contact:
Brandon Wei, Communications Officer, Greenpeace Canada
[email protected], +1 (778) 772-6138
Keith Stewart, Senior Energy Strategist, Greenpeace Canada
[email protected], +1 (416) 659-0294