What did they expect?
Until recently, much of our society had apparently decided that simply saying a bunch of words will have a magical impact on the planet without any sacrifice.
They could say ‘climate action’ and ‘net zero,’ and then the world would somehow be ‘fixed.’
Of course, it doesn’t work that way.
And many of the biggest institutions – institutions that still want to profit and grow – are discovering that some people expect their words to actually lead to action.
But when those actions are economically impossible, there’s a bit of a problem.
This is something RBC is learning at the present moment.
RBC is facing an investigation from the Canadian competition bureau, over allegations that their climate action claims have been deceptive:
“Canada’s largest commercial bank is facing an investigation by the Competition Bureau of Canada over allegedly deceptive advertising related to its climate action, the federal watchdog confirmed on Tuesday.
In a Sept. 29 letter from the federal watchdog agency and obtained by Yahoo Finance Canada, Royal Bank of Canada is under an investigation related to “certain marketing practices” at the bank. The letter is addressed to lawyers at Ecojustice, a non-profit environmental law organization, that previously filed a complaint with the bureau.
Ecojustice lawyer Matt Hulse says RBC’s ongoing dealings in the oil and gas industry are at odds with its stated climate strategy.
“RBC has claimed that it will achieve net-zero in its lending and investments by 2050 and will come out with targets and plans over the next two years,” he said in an emailed statement. “This commitment is undermined by RBC’s continued financing of fossil fuels and its failure to account for the bulk of emissions from the fossil fuel companies that it finances.”
According to Ecojustice, RBC’s financing of fossil fuel companies in 2021 topped $34.4 billion in loans and underwriting, and included $50.4 billion in investments. In October of that year, RBC became a member of the UN-backed Net-Zero Banking Alliance, a commitment to align lending and investment practices with achieving net-zero emissions by 2050.”
You see, RBC didn’t really want to do anything.
They wanted to say the magic phrases and then keep on investing and profiting.
But by buying into the narrative of the radical far-left, a narrative that is based on guilt and opposition to the cheap & abundant energy that makes civilization possible, RBC put themselves in a bad position.
Learning from Jamie Dimon
If RBC is looking for an example of someone in the banking industry who has decided to push back against the radical ‘green’ narrative, they should look at what JP Morgan Chase Chairman & CEO Jamie Dimon is saying:
BASED Jamie Dimon reemerges, drops uncomfortable truth bombs: “We’re getting energy completely wrong.”
Dimon argues the “green” energy fantasy has made the climate WORSE. We have it “completely backwards.”
BASED Jamie Dimon reemerges, drops uncomfortable truth bombs: "We're getting energy completely wrong."
Dimon argues the "green" energy fantasy has made the climate WORSE. We have it "completely backwards." pic.twitter.com/La37VTA7CT
— Jason Howerton (@jason_howerton) October 11, 2022
As I’ve said before, companies – and all Canadians in general – must stop buying into the guilt/shame-centric thinking of the far-left.
Using our resources, and expanding our wealth and financial power is something we should be proud of, not ashamed of.
Spencer Fernando
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