SoVote

Decentralized Democracy

House Hansard - 332

44th Parl. 1st Sess.
June 14, 2024 10:00AM
Context: House Hansard - 332 - Jun/14/24
Ms. Laurel Collins (Victoria, NDP)
  • Jun/14/24 11:28:26 a.m.
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Madam Speaker, as Canadians choke on smoke and flee from wildfires, Canada's biggest banks are handing out even more money to oil and gas companies. Under the Liberals, Canadian banks have become some of the biggest financiers of fossil fuels in the world. The Conservatives are happy to let these banks put profits over our planet. Canadians are struggling with the cost of living and the climate emergency while the banks fuel both of these crises to get even richer. Why are the Liberals letting big banks off the hook?
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Context: House Hansard - 332 - Jun/14/24
Hon. Steven Guilbeault (Minister of Environment and Climate Change, Lib.)
  • Jun/14/24 11:29:02 a.m.
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Madam Speaker, I would agree with my hon. colleague. We think that bank executives should be doing more when it comes to fighting climate change, and putting money where their mouth is, which is why the Office of the Superintendent of Financial Institutions is putting in place measures to ensure that the officials at banks and other financial institutions disclose their climate risks. We have also committed to and put in place measures to ensure that we have a taxonomy principle in Canada, so we ensure that green investments that are made are actually green.
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Context: House Hansard - 332 - Jun/14/24
Ms. Monique Pauzé (Repentigny, BQ)
  • Jun/14/24 11:36:40 a.m.
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  • Re: Bill C-69 
Madam Speaker, yesterday in committee, we heard from the heads of Canada's five big banks, specifically BMO, Scotiabank, CIBC, the Royal Bank of Canada and TD Bank. They all rank in the top third of the world's oil financiers. It is hard to get an accurate picture of their investments because the other three parties in the House refuse to make them disclose those investments. They all voted against a Bloc Québécois amendment to Bill C-69 requiring the mandatory disclosure of banks' investments in fossil fuels. Why does the government not want to force banks to be honest with the public about their oil agenda?
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Context: House Hansard - 332 - Jun/14/24
Hon. Steven Guilbeault (Minister of Environment and Climate Change, Lib.)
  • Jun/14/24 11:37:21 a.m.
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Madam Speaker, I thank my colleague for her question. She should know that the Office of the Superintendent of Financial Institutions is already implementing measures to ensure that all financial institutions in Canada, not just the big banks, disclose their investments in fossil fuels and their exposure to climate change risks. That is already being done, thanks to our government.
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Context: House Hansard - 332 - Jun/14/24
Ms. Monique Pauzé (Repentigny, BQ)
  • Jun/14/24 11:37:47 a.m.
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Madam Speaker, I would like to know whether it is optional or not, but anyway. These three parties are deliberately turning a blind eye to fossil fuel funding. Just last year, Canada's five big banks invested $142 billion in the industry. The CEO of Scotiabank spoke for all five when he said, “We should move away from emission reductions at all costs”. Bankers speak the same language and share the same goal as the oil companies; they want to profit as much as possible from pollution. We want to force the banks to disclose their dirty oil assets. The other three parties want them to invest in secrecy. Why?
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Context: House Hansard - 332 - Jun/14/24
Hon. Steven Guilbeault (Minister of Environment and Climate Change, Lib.)
  • Jun/14/24 11:38:28 a.m.
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Madam Speaker, with all due respect, I must correct my colleague. This is not optional. It is an obligation that Canada's Office of the Superintendent of Financial Institutions is going to impose on all financial institutions. My colleague is speaking only about the big banks. I am not talking only about the big banks, I am talking about all financial institutions. The two of us agree on one thing, however. We agree that the big banks should be doing more to fight climate change, and we are going to work to make sure that happens.
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