Orangeville students call on Royal Bank to divest from fossil fuels

Students from Orangeville District Secondary School have brought the fight to save the environment from greenhouse gas emissions to the doorstep of a local financial institution, saying it can do a lot more to further the cause.

A group of activists from the school protested outside the Royal Bank of Canada Tuesday, telling management they'll be withdrawing their finances from them if they don’t change their practices.

The practices in question are outlined in a report by For Our Kids, which found that since member countries of the United Nations signed the Paris Agreement, RBC has financed more than $178 billion in fossil fuel projects, the most of any Canadian bank and fifth-most in the world.

“I am looking into it right now,” Grade 12 student Olivia Rowan said of closing down her account. “I don’t feel comfortable banking with an institution that is not supporting a livable and sustainable future for all.”

The student protesters held signs reading, “keep the oil in the soil,” “RBC don’t let us down,” and “stop funding fossil fuels,” — all while chanting outside the building at 136 Broadway.

“I think we can all agree, fossil fuels are a dying industry, and the future is in green energy,” said Rowan. “I can’t understand why anybody would be considering investing in pipelines and coal. We know that’s not a viable investment for a safe and sustainable future.”

Canada's five biggest banks have together financed more than $610 billion in fossil fuel projects since 2016, according to the report. This includes projects opposed by First Nations, including Coastal Gas Link, the Enbridge Line 3 pipeline, and the Dakota Access pipeline.

According to Bloomberg, RBC CEO David McKay said any shift to a more climate-friendly economy still depends on fossil fuels. He notes it will be a transition.

Further, the bank has recently added $500 billion to funds earmarked for net-zero carbon emissions by 2050, according to the Globe and Mail.

Environmental groups, however, still believe the banks are “greenwashing” or making false commitments when they remain one of the world’s largest funders of fossil-fuel projects.

A report by Green Energy Canada found Canada's clean energy sector will employ 559,400 Canadians by 2030 — in jobs like insulating homes, manufacturing electric buses, or maintaining wind farms. And while 50,000 jobs are likely to be lost in fossil fuels over the next decade, clean energy will create just over 160,000, a net increase of 110,000 new energy jobs in Canada, according to the report.

“It’s already been proven many times and many ways that the green energy can produce just as many, if not more jobs than the fossil fuel industry,” said Rowan. “There is no need to worry that people will be out of work.”

Joshua Santos, Local Journalism Initiative reporter, Orangeville Banner