Hey Bankers! How's that ESG thing going for you? By Terence Corcoran
Appeared in The Financial Post on September 17, 2021
Gina's Thoughts
First Canadian Universities, now Canadian Banks! Yes, the divestment activists are now targeting the Canadian Big Five Banks, starting with RBC and demanding that they 'divest and stop financing fossil fuels." This despite all the ESG positioning the banks do! (For the record, this is where ESG inevitably leads). This action, intended by the activists to strike a blow against climate change, should be regarded as a strike against the prosperity of Canada and Canadians. To divest from the sector that fuels every other sector on our exchanges is folly. Canadian manufacturing, mining, forestry and agriculture are highly energy intensive and need hydrocarbons. As an example, some directors that sit on the board of RBC also sit on the boards of Finning, BCE Inc., Element Fleet, Empire Company and Air Canada -- all companies that could not operate and prosper without hydrocarbons. Will RBC still service and finance these industries and the people that work for these industries? Our banks and bankers need to reject the activist agenda to divest and invest in Canada's hydrocarbon sector for the good of the economy, the environment, shareholders and everyday Canadians.