Laurentian Bank of Canada | Decarbonization at Laurentian Bank of Canada

Status
Withdrawn
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
LB:CN
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank adopt a plan to substantially reduce its financing of fossil fuel and polluting industries by setting --- and quantifiying over time --- ambitious intermedite tarets with the view of achieving net zero greenhous has , to achieve carbon neutrality.
Supporting statement
Banks are central to our economy. Their investment and financing choices shape entire societies. Our banks bring financial support to companies and projects. They are responsible for greenhouse gas emissions. RBC, TD, Scotia, BMO and CIBC are among the top 25 fossil fuel funders in the world. Since the Paris Agreement, these five banks have continued to support the development of polluting companies. The government, for its part, undertakes to “to reduce greenhouse gas emissions [...] from 40 to 45% levels by 2030 compared to the 2005 level." To achieve net-zero gas emissions in 2050, other players suggest short-term intermediate targets that are higher in the beginning than in the end, i.e., up to 25% for 2025 and 50% for 2050, or even more. The International Energy Agency (IEA) even enjoins “to stop investing in fossil fuels”. In all cases, it is important to set science-based targets. To this end, standards exist, in particular that of the Science Based Targets initiative (SBTi). The country is responsible for 2% of global emissions (with less than 0.5% of the world’s population), and according to current projections, its oil and gas production is expected to exhaust up to 16% of the world’s carbon budget. The IPCC recently sounded the alarm and Antonio Guterres declared that greenhouse gases "are suffocating our planet”. A concrete transition plan on climate change is urgently needed. It must be submitted to shareholders in the most appropriate annual publication.

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