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Decentralized Democracy

House Hansard - 259

44th Parl. 1st Sess.
November 30, 2023 10:00AM
Context: House Hansard - 259 - Nov/30/23
Ms. Kristina Michaud (Avignon—La Mitis—Matane—Matapédia, BQ)
  • Nov/30/23 10:25:51 a.m.
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Mr. Speaker, a little earlier this year, The Canadian Press reported the following: According to a report, Royal Bank of Canada was the biggest fossil fuel financier in the world last year after providing over $42 billion U.S. in funding in 2022, $3 billion U.S. more than in 2021. Of that amount, $4.8 billion went to the oil sands and $7.4 billion went to hydraulic fracking extraction. According to the same report, since the Paris climate agreement was adopted in 2016, RBC has provided over $253.98 billion U.S. in funding to fossil fuel companies. I am wondering about the climate accountability of these big banks. Does the Government of Canada not also have a responsibility to legislate to force these banks to phase out their investments in fossil fuels and instead encourage investments in clean energy?
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