At the 2022 annual meetings, we tabled this proposal, which received significant support at TD (25.4%), at CIBC (22.7%), at National Bank (22%), at Royal Bank (20.2%), at Scotia Bank (19.3%) and at BMO (15%). Furthermore, Laurentian Bank undertook to proceed with the implementation of the non-binding environmental advisory vote once it has established a baseline for its funded emissions. According to the most recent report released by Rainforest1 , the Big Five banks provided more than $131 billion to oil companies during 2021, and this financing is up from 2020.
Note that these five major banks have loaned or underwritten close to $700 billion to fossil fuel companies since the Paris Agreement on climate change was signed in December 2015. We question the scope of the plans put forward by these banks in fulfilling their commitment to join the Net-Zero Banking Alliance (NZBA) launched by former Bank of Canada Governor Mark Carney in 2015 and to play a leading role in financing the climate transition to achieve net zero emissions by 2050. We therefore reiterate our proposal to implement a non-binding advisory vote allowing shareholders to express their satisfaction or dissatisfaction with the Bank’s environmental policy.