CIBC, make the first move... divest from oil and gas!

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A new international report entitled Banking on Climate Change finds that in the three years since the Paris Agreement was adopted, Canada’s big five banks have financed a staggering $454 billion worth of fossil fuel projects! RBC leads the pack, but the CIBC made the top five list as well.

While CIBC ranks within Canada's top five worst supporters of the fossil fuel industry, it is clearly, at this point in time, the one member of Canada's big five banks that is the closest to fully divesting from oil and gas.

Amongst Canadian banks, CIBC is in the best position to fully divest from oil and gas, and could therefore lead the way in Canadian fossil fuel divestment. Once this happens, CIBC will invariably reap the rewards, as it will become the sole destination for Canadian citizens and corporations looking to move their funds away from fossil banks.

CIBC, please consider a critical fact: the oil industry is now a very poor investment. In supporting oil and gas, you are not only supporting a failing industry, but you are passing up the opportunity to invest in more lucrative sectors, such as green technologies and renewable energy. Moreover, you are financing the destruction of our planet. The UN's Intergovernmental Panel on Climate Change (IPCC) told us one year ago in their 2018 Report for Policymakers that we only had 11 years to make drastic systemic changes to save our planet from unstoppable climate change. 

CIBC... you can lead the way. Eventually, a Canadian bank is going to make the first move, and then the other Canadian banks will be forced to follow. Canadians are looking for a bank that we can use without unwittingly supporting oil and gas. We're counting on CIBC to be that bank.