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Canada’s banks continue to finance oil and gas

By Elizabeth Perry - Work and Climate Change Report, May 19, 2021

A report released at the end of April examines the performance and the links between Canada’s oil companies and the big banks which form Canada’s “comfortable oligopoly”: Royal Bank (RBC), Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, and the National Bank of Canada. Fossilized Finance: How Canada’s banks enable oil and gas production is written by Donald Gutstein and published by by the B.C. Office of the Canadian Centre for Policy Alternatives as part of its Corporate Mapping Project. The report outlines the bank presence in the Canadian energy sector since the collapse of oil prices in 2014 – lending, underwriting, advising and investing. It also examines interlocking directorates, executive transfer, industry conference sponsorships and industry association memberships.This reveals different details than the international report, Banking on Climate Chaos, published by BankTrack in late March.

While acknowledging that the banks have begun to invest in some renewable energy projects, Fossilized Finance shows that this leopard has not changed its spots:

“In contrast to the need to reduce financing of fossil fuels, banks actually increased their lending and commitments to the industry by more than 50 per cent—to $137 billion—between 2014 and 2020. Toronto-Dominion, in particular, upped its lending by 160 per cent over the seven-year period, to nearly $33 billion in 2020. As well, banks have invested tens of billions of dollars in fossil fuel and pipeline company shares. Here, Royal Bank leads the pack with nearly $21 billion invested in the top 15 fossil fuel and pipeline companies as of November 2019. Banks continue to underwrite fossil fuel company stock and bond issues, and they continue to provide key advice on mergers, acquisitions and other corporate moves.”

Many of the researchers involved in the CCPA/Corporate Mapping Project have written chapters in Regime of Obstruction: How Corporate Power blocks Energy Democracy, a book edited by William Carroll and published by Athabasca University Press. Readers of the WCR may be particularly interested in Chapter 15, “From Clean Growth to Climate Justice” by Marc Lee, but all the excellent chapters are available for free download here. The publisher’s summary states: “Anchored in sociological and political theory, this comprehensive volume provides hard data and empirical research that traces the power and influence of the fossil fuel industry through economics, politics, media, and higher education. Contributors demonstrate how corporations secure popular consent, and coopt, disorganize, or marginalize dissenting perspectives to position the fossil fuel industry as a national public good. They also investigate the difficult position of Indigenous communities who, while suffering the worst environmental and health impacts from carbon extraction, must fight for their land or participate in fossil capitalism to secure income and jobs. The volume concludes with a look at emergent forms of activism and resistance, spurred by the fact that a just energy transition is still feasible. This book provides essential context to the climate crisis and will transform discussions of energy democracy.”

If you are outraged by what these researchers reveal, a personal option to switch banks is now made easier through the Bank Green website, launched in April in association with BankTrack. So far, Bank Green covers more than 300 banks globally, including only two “ethical banks” in Canada: Vancity, and Duca Credit Union. The website provides information for customers and encourages them to switch banks and divest from fossil fuels.

Nova Scotia’s Dirty Secret: The Tale of a Toxic Mill and The Book Its Owners Don't Want You to Read

By Jimmy Thomson - DeSmog.Ca, February 9, 2017

Lighthouse Beach, a white sand crescent on the north coast of Nova Scotia, was once considered the jewel of the region. People would flock there from New Glasgow and Pictou on summer weekends, visiting the lobster bar and swimming in the clear waters of the Northumberland Strait.

There had been plans for a twice-daily train that would carry visitors between the seaside, a hotel and a local yacht club. Dreams began of a destination national park. But all of these plans were choked off by the introduction of a giant pulp and paper mill in 1967 that literally transformed a large part of Pictou Landing into a toxic dump.

You can smell it usually before you can see it: clouds of sulphur belching from the Abercrombie Point Pulp and Paper Mill smokestacks. For decades, the plant pumped contaminated water into the strait, using Boat Harbour, once an idyllic tidal lagoon used for fishing and clam digging, as a settling pond for highly toxic effluent.

It was also once my family’s home.

My family settled over 200 years ago in this piece of Mi’kmaq First Nation territory, eventually transferring their own property into government care for — as they were told — protection for future generations.

Waves now roll in on Lighthouse Beach dark brown and foamy, the colour of Guinness, where I — like so many other kids in the area — learned to swim and sail.

The story of Pictou Landing is one of desperation, of corruption and incompetence. So perhaps it’s no surprise that when Canadian journalist and anthropologist Joan Baxter tried to tell it, old forces of power moved in to silence her. The mill’s owners tried to banish Baxter and her book The Mill: Fifty Years of Pulp and Protest from local bookstores.

Of course, that backfired in spectacular fashion: The Mill sold out two printings and became the best-selling book in Nova Scotia Chapters and Coles book stores the month it was released.

I reached Baxter at her home in Nova Scotia to talk about The Mill, the stories that were told to hide industry’s impacts from locals and the fight against years of environmental racism and degradation still plaguing the region to this day.

This interview has been edited for length and clarity.

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