Toronto | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the Haudenosaunee, and the Wendat –  On Thursday October 3rd, Environmental Defence will be hosting an event at STACKT Market in Toronto, to explore the relationship between our financial system and climate change. The evening will feature immersive games, art and lively discussions with climate finance experts.

Canada’s financial system heavily invests fossil fuels, and under invests in climate solutions, it prioritizes the short-term profits from fossil fuel investments over investments that prioritize long-term good – such as financing the energy transition to clean power like wind and solar. Until the federal government sets new rules and regulations for the financial sector, Canada won’t be able to meet its international and national climate targets.

This event will explore why this is the case and what can be done so that we can create a sustainable financial system to ensure a strong economic and clean climate future. 

Event Details:

WHAT: ReFund the Future a Launch Party for Environmental Defence’s Climate Finance Campaign

WHEN: Thursday, October 3rd, 2024 6:30 PM – 8:30PM 

WHERE:  STACKT Market, Toronto – 28 Bathurst St, Toronto, ON M5V 0C6

Background Information:

  • Canada’s banks loan over $100 billion to fossil fuel companies each year. In 2023, that was equivalent to $282 million per day from our banks to fund projects that fuel the climate crisis. 
  • For every $1 of fossil fuel finance provided in 2022, Canadian banks spend $0.25 on clean energy. Canadian banks are financing fossil fuels 3.9x more than they are financing climate solutions.
  • Canada’s financial sector was involved in over U$200 billion in fossil fuel financing in 2023 (loans, shares and bonds). This is 70 times more than the value of the Toronto Maple Leafs.
  • Our pension funds had $80 billion in fossil fuel assets in 2023.
  • $100 billion of fossil fuel assets are at risk of being stranded in Canada by 2036, with this number rising to $1.4 trillion worldwide. This is because investments in coal, oil and gas will start losing value as the world shifts more to using clean energy such as hydroelectricity and solar in its energy system, posing a financial risk to those who have invested in the fossil fuel industry. 
  • If Canada doesn’t act on climate change, it could cost Canada $5.5 trillion by 2100. That’s over $190 million per day, every day until 2100. 

ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry, and individuals to defend clean water, a safe climate, and healthy communities.

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For more information or to request an interview, please contact:

Alex Ross, Environmental Defence, media@environmentaldefence.ca