fossil fuel projects
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Royal Bank of Canada faces scrutiny for funding fossil fuel projects
RBC is under fire for its continued financing of fossil fuel projects, despite its public stance on climate change and support for Indigenous rights.
In short:
- RBC president David McKay claimed the bank is a leader in addressing climate change, but it remains the top fossil fuel financier among Canada's big five banks.
- Jocey Alec, a Wet’suwet’en land defender, confronted RBC about its role in the Coastal GasLink pipeline but was cut off after 11 seconds at a shareholder meeting.
- After pressure from New York City, RBC agreed to disclose its financial ties to fossil fuel projects compared to clean energy sources.
Key quote:
"I feel like they do get the message, but they just don’t want to acknowledge their complicity on what they’re funding."
— Jocey Alec, Wet’suwet’en land defender
Why this matters:
RBC's financing decisions have significant environmental and social implications, particularly for Indigenous communities opposing fossil fuel projects. Public scrutiny and shareholder pressure could push the bank to more transparent and sustainable practices.
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Credit: Maria Lupan/Unsplash
Connecticut's new bill targets insurers of fossil fuel projects with fees
Connecticut has proposed a fee on insurers backing fossil fuel projects, aiming to fund climate resilience efforts.
In short:
- Connecticut's legislation could make insurance companies pay for supporting fossil fuel projects, using the fees for climate resilience.
- The bill, having passed a state senate committee, targets the insurance industry's dual role in the climate crisis.
- Funds raised would support infrastructure like sea walls and urban flood protection, addressing the state's vulnerability to climate disasters.
Key quote:
"It’s important to begin to hold [insurers] accountable for how they’ve played it both ways in terms of climate change."
— Tom Swan, executive director of Connecticut Citizen Action Group
Why this matters:
This initiative is designed to mitigate the environmental impact of continued fossil fuel extraction and use, and to align insurance industry practices with global sustainability goals. By restricting insurance coverage, the bill seeks to make it more difficult and expensive for fossil fuel projects to operate, thereby accelerating the transition to renewable energy sources.
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The Trump administration's zeal for fossil fuel projects and flaunting of environmental laws has backfired and handed key victories to environmentalists.
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