Indigenous leaders issue warning to bank execs over recent actions: 'We ... see through their flashy campaigns'

A coalition of Indigenous leaders recently warned top Canadian bank RBC that its investments in new fossil fuel projects would be as bad for business as they are for the environment.

At the recent annual general meeting for RBC shareholders, Indigenous delegates and other climate activists from environmental organization Stand.earth spoke out against the bank financing liquified natural gas pipelines across the country. The group warned that the LNG projects could be unprofitable before they are even completed.

The delegation stressed that the LNG projects would be harmful to the environment and infringe on Indigenous rights, which goes against RBC's environmental, social, and governance goals. Sleydo', a wing chief for Cas Yikh, said in a press release that activists "won't stop until RBC and other major investors understand and respect Free, Prior and Informed consent."

Free, prior, and informed consent is the principle that Indigenous people have the right to determine what actions can be taken on their land in order to secure their well-being and livelihoods.

Jesse Stoeppler, co-executive director for Skeena Watershed Conservation Coalition and deputy chief for Hagwilget First Nation, said that Canadians are "on the hook" for RBC's fossil fuel projects despite the bank's promises that they will benefit everyone.

"RBC is building a bad reputation," said Stoeppler in the press release. "They are financing billions of dollars in fossil fuel expansion, violating Indigenous rights, contributing to climate disaster, and attempting to buy young peoples support across Canada. We are here to remind executives and CEOs that we, and many people across Turtle Island, see through their flashy campaigns and attempts at greenwashing."

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The investments came after RBC pulled out of the Net-Zero Banking Alliance, a United Nations-sponsored initiative to incentivize global banks to limit the effects of the climate crisis, in January. RBC also dropped its $500 billion target for sustainable finance in late April, according to ESG Today.

Studies have found that LNG's carbon impact can be 33% worse than coal. Over half of the pollution caused by LNG, including heat-trapping gas like methane, comes from production, shipping, and storage.

It's important to educate yourself and be aware of greenwashing by big corporations so that you don't give your hard-earned money to major polluters. The best way to ensure you are doing your part to help the climate crisis is to take local action, just as the Indigenous leaders with Stand.earth are doing for their communities.

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