Sign Up for Bank Switch
Bank Switch is a campaign to pressure Canadian Banks to clean up their act and stop funding the expansion of the fossil fuel industry. We’re asking people to start with a letter or email and give the banks a September 1st deadline . — Hopefully this will trigger the human instinct of ‘loss aversion’ and get things moving within their organization. If the policies your bank announces over the summer are good enough, you also won’t have to deal with the hassle of actually filling out all the forms to move your money.
Why switch banks?
While university and pension fund divestment campaigns put some pressure on the fossil fuel sector, exploration and expansion will continue as long as oil companies can get banks to underwrite their new projects. The big five Canadian banks are pouring money into oil and gas exploration, including particularly damaging projects like fracking and tar sands development. Since the Paris Agreement was signed, RBC has pumped $160 billion into fossil fuel companies; TD has provided $103 billion; Scotiabank $97.5 billion; Bank of Montreal $82 billion; CIBC $57 billion. In a comprehensive review of policies on fossil fuel investment and loans TD scored 3 out of 200 possible points; RBC earned 1 point and BMO, CIBC and Scotiabank earned HALF a point. To read the full report from Banktrack and the Rainforest Action Network click here . Among Canadian Banks only National Bank and Desjardins have even signed the UN Declaration on Responsible Investing which mostly just requires them to track and report how much money they are pouring into fossil fuel expansion.
We ask that you send a PERSONAL LETTER OR EMAIL to your home branch. This form will NOT send an automatic email to your branch, because we have no interest in knowing any of your private banking details. For sample letters visit https://climatepledgecollective.org/bankswitch-letter-templates/ .
ADD YOUR NAME to the list of those participating in the campaign using the form to the right to show the growing number of individuals collectively demanding investment toward a sustainable, equitable future. We won't share your information, but it's important for us to know how many people are participating so we can put real pressure on Canadian banks. We'll send you one thank you email with informaion about how to get more involved and one reminder email closer to September.