Rosa Galvez has taken on a Herculean task: force Canadian financial institutions to prioritize the fight against climate change.Senator Rosa Galvez, seen here at her home in Lévis, Que., wants to force banks and pension funds to steer away from emissions-intensive investments, such as the oil and gas sector. Rosa Galvez has taken on a Herculean task: force Canadian financial institutions to prioritize the fight against climate change.
"I'm not asking for the moon," said Galvez. "I don't want the bill to be passed just like that, or to be rejected just like that." "You come to the conclusion that the part that is missing is the finance sector, which actually should be the first sector in order to start obtaining results," said Galvez.
"If you have a longer term connection with them, are the risks higher? Probably yes, because sooner or later we will see that income goes down or costs go up," he added, pointing to an eventual decline in demand and higher carbon price as factors.released this month calculated that Canada's top banks pumped a combined $103.85 billion US into fossil fuel projects globally in 2023.
Maggie Cheung, a CBA spokesperson, added in a statement that "Canada's banks understand the important role that the financial sector can play in facilitating an orderly transition to a low-carbon future." Segal pointed to the European Union, which announced a sustainable finance policy in its 2020 Green Deal aimed at reducing emissions, and the United Kingdom, which also has a