If banks want to prove they are serious about fighting climate change, it’s going to show by where they put their money, says Matt Price.
“There’s a lot of talk about governance and data and these kinds of stepping stones towards action at some point in time,” Price told Matt Galloway on The Current.
“What we’re not really seeing is the steps and the policies that the banks are going to implement to actually change their practices on a day-to-day basis.”
With Canadian banks leading the way in fossil fuel investment, Price of the shareholder advocacy group Investors for Paris Compliance says if banks aren’t going to make the necessary changes, investors will need to take action themselves.
The report found that last year, Scotiabank invested $29.5 billion US into fossil fuels, Toronto-Dominion invested about $29 billion US, and the Bank of Montreal and CIBC invested $19.3 billion US and $17.9 billion US respectively.
The CBC reached out to the five banks for comment. None agreed to an interview, although Scotiabank and RBC both provided written statements.
“The authors of this report do not validate their figures or findings with us and we can’t confirm their conclusions,” a spokesperson for RBC said in an email.
“This report does not measure progress in meeting our climate goals. We are confident in our ongoing engagement with our clients and our climate strategy.”
The consumer’s choice
Price says that on paper, all the banks mentioned have pledged to reduce financed emissions to zero by 2050. But he says just the promise isn’t enough.
He says he understands why banks feel it makes financial sense to continue to invest in fossil fuels, but argues that in the long run, it’s a bad investment.
“There’s a lot of inertia in the system. The banks have made a lot of money off of oil and gas companies and continue to do so. And so you’re fighting that kind of short-term, quarter-to-quarter basis of trying to make profits,” said Price.
Instead, Price points to the long-term risks to both the environment and the economy.
Call for pension funds to stop investing in fossil fuels
Climate change concerns are important to many Candians but some are calling out pension funds for continuing to invest in the fossil fuels sector.
“We see that in B.C. where I’m from, with highways getting washed out and the entire town of Lytton getting burned down. So these will have economic implications and that will affect the banks,” said Price.
Some advocates say even the targets need to be more ambitious. Warren Mabee, director of the Queen’s Institute for Energy and Environmental Policy in Kingston, Ont., says even the targets need to be more ambitious.
He argues that setting targets decades away in 2050 means that in the short term, there isn’t the same pressure for immediate change.
“Their targets are less stringent, particularly in the short term, working towards 2030. They’re looking for some reductions in greenhouse gas emissions, but not a 100-per-cent drop,” said Mabee.
‘We need to be realistic here’
Not all investors agree on a 100-per-cent drop of fossil fuel investments. Martin Pelletier, an investment advisor based in Calgary, says the capital gained from fossil fuel investments can actually help banks transition out of fossil fuels.
“If you cut off funding, the supply situation will get worse,” said Pelletier. “We need to be realistic here. The world still consumes 100 million barrels a day of oil. That’s not something that can easily go away overnight.”
CBC’s request for an interview with the Canadian Banking Association, a group that lobbies on behalf of Canadian Banks, was declined. It instead defended how banks are handling the transition in an emailed statement.
“Banks acknowledge that firm commitments are required to accelerate clean economic growth in Canada and to meet the goal of a net-zero economy. That’s why banks in Canada have begun implementing climate action plans that set specific targets to meet the demands of this global challenge,” the email said.
“By financing the climate transition, banks are helping Canada meet its net-zero ambitions while also helping meet interim energy demands in a volatile global context.”
And while the big dollars involved seem to grand in scale, Price says there are things Canadians can do to make a difference. Price took his money out of a bank and put it into a credit union, because he didn’t like how his bank was investing.
He says people can also talk with their financial advisors about where their money is going, and if enough people decide to make changes, banks may be influenced to make different decisions.
“I think everybody has a role to play. And especially if you’re concerned about climate change and you’re concerned about long-term returns, then this is a conversation you really need to be having,” said Price.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.