Fossil fuels are NOT the new “green” investment
There’s a ‘wolf’ at play and it's swaying the Canadian government to call fossil fuels the new “green” investment.
Right now, the Canadian government is developing an official labeling system to classify what investments are sustainable, called a taxonomy. But this new system is already at risk of becoming toothless before it's even begun, because it could label false climate solutions like carbon capture and “natural” gas as “green.”
Canada’s banks have put more than $1 trillion into fossil fuels since the Paris Agreement was made. They've given over 2.6 times more money to oil and gas companies than to clean energy. What's even worse, people are often misled into thinking their investments are eco-friendly when in reality they're going into oil and gas projects.
That is why we need a green label that sticks. This new finance label should:
- Exclude any oil, gas, and coal expansion project, and any carbon capture related to these fossil fuels.
- Define sustainable investments in a way that helps keep warming below 1.5-degrees, and is consistent with Canada’s legally enshrined ‘Nationally Determined Contribution’ under the Paris Agreement.
- Consider social and environmental impacts of projects, including upholding Indigenous rights.
- Ensure independent climate experts provide governance over the decision-making process.
We are calling on the government to create a sustainability label that aligns with the climate action scientists say is necessary, is strict on financial investors, and transparent for us all. If done right, this would help Canada build a green economy that is contributing to real climate action with a label investors and consumers can trust.
Tell the federal government and your MP that you want a sustainable finance label that truly leads to a safe climate and resilient economic future.
Your message will be sent to your local MP, as well as Prime Minister Justin Trudeau; Minister of Energy and Natural Resources, Jonathan Wilkinson; Minister of Finance, Chrystia Freeland; Minister of Environment and Climate Change, Steven Guilbeault.