Inspired by Bill McKibben’s call to action in 2012, Toronto350.org organizers began pushing for fossil fuel divestment at the University of Toronto in April 2013. Following the university’s formal policy, we drafted and submitted a divestment brief which - in adapted form - was used by successful campaigns at the University of Glasgow and Trinity St. Paul’s United Church in Toronto. Now, eight years and six months after the campaign began, U of T is following recent announcements from Concordia, UBC, Guelph, Lakehead, UVic, and Waterloo and committing to sell off the direct holdings in fossil fuel companies from its endowment within a year, and to divest co-mingled fossil fuel holdings no later than 2030.
You’ve read about how Canada’s major banks use your savings to finance fossil fuels.
You’ve joined the BankSwitch campaign and told your bank that you will be closing your accounts unless they clean up their act.
And now, since your bank hasn’t made a lot of changes, you’re wondering where you should take your business instead.
We think local credit unions are a great option.
Finance and public policy are the biggest drivers of change in most industries, and the oil and gas industry is no different. Banks have often been overlooked as a lever for change. Their complicity in profiting from climate disaster is now coming into sharper focus with groups like Rainforest Action Network and Bank Track publishing annual reports about the extent to which these institutions are funding fossil fuel extraction.
Decarbonizing Canada is a critical step to ensure a climate-safe and resilient future. An effective National Decarbonization Strategy can help us build back better, creating inclusive, green communities and quality green jobs (e.g. jobs in renewable energy). This strategy must include equitable partnerships with Indigenous communities, investing in renewable energy projects on Indigenous homelands and continuing to expand Indigenous ownership.
Here is a version of our budget submission part 3 of 7, with some simple calls to action that you can take added in.