The tar sands tide may finally be turning at Canada’s biggest bank. RBC is among the largest financiers of Canada’s Tar Sands but so far lacks policies adopted by other banks that seek to limit harm to Indigenous rights, water quality and climate.

That may be changing. Last week, representatives from RBC showed us a summary of the new draft Environmental Risk policy that it hopes will fill the gap. It’s too early to draw conclusions– the early draft has yet to be ratified by the bank’s Senior Management–but here’s our initial take on where we see progress relative to other banks, and where we still see distance.

Bottom line, we think bank is moving in the right direction on Indigenous rights and the environment but falls well short of establishing a significantly new standard for responsible banking. On a scale of 1 (worthless) to 10 (perfect), we gave the draft a 5. Here’s why:
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Rally at the RBS Shareholder Meeting. Credit Ric James

We’ve been going after the Royal Bank of Canada for bankrolling the tar sands for some time now. Today, we went after the other Royal Bank–the Royal Bank of Scotland–with our friends across the pond. RBS ranks 7th globally among banks backing tar sands operators, but first in the UK where taxpayers now own more than 80% of the bank.  Hundreds converged on the Bank’s Annual Meeting of Shareholders and more than 15 bank branches across the UK.

Tomorrow RAN’s own Eriel Deranger meets with RBS Chairman Sir Phillip Hampton (more on that here). Will he pull the plug on companies destroying water and habitat and recognize the basic rights for Indigenous communities like other leading banks have done? We’re hoping he can out-do the “maybe” we heardfrom COO Barbara Stymiest in February.

World Development Movement has a great set of pictures from the demo today in Edinburgh. So does Ric James. Also, check out press coverage from the  Caledonia Mercury, The Independent, Politics.co.uk, The Scotsman and a mention over at the BBC and the Financial Times.

Indigenous Activist Protests RBC Waterloo Branch

An activist was arrested this afternoon at the Waterloo Branch of RBC Bank. Mark Corbiere was charged with mischief for hanging a banner reading “Boycott RBC” and “Stop the Tar Sands” from the roof of the branch, located in uptown Waterloo.

The protest was one of eight “Fossil Fools Day” protests at RBC branches across Canada. For the last five years, activists around the world have adopted April Fools Day as a day of pranks and protest against fossil fuels and climate change. According to Bloomberg, RBC is a top arranger of financing to companies operating in the tar sands.

Those present report that Corbiere was joined by 10 supporters chanting and holding banners in front of the bank branch during the protest. CTV cameras were on scene to catch the action. After an hour of negotiations, police removed Corbiere from the roof and confiscated his banner.

From Maryam in Toronto:

In the spirit of Fossil Fools day, 13 Cities in Canada have taken action and pulled creative pranks and tricks on tar sands supporters.

8 communities in Canada: London, Toronto, Waterloo, Peterborough, New Westminster (BC), Duncan (BC), and Victoria all targeted RBC as the top financier in dirty tar sands projects. In Waterloo, one indigenous activist was arrested after a banner drop at a local branch of Royal Bank of Canada.

photo: Tristan Glenn

In Montreal, 70 people staged a bike bloc protest shutting down the roads in and out of Montreal’s oil refining sector

with clean, green people power.  A banner was hung in front of the Enbridge Trailbreaker Pipeline stating “Changeon le System, Pas le Climat. Trailbreaker=Tar Sands” where cyclists blockaded the road to draw attention to the downstream, destructive effects of the Athabasca Tar Sands.  “The east end of Montreal is a seldom seen and discussed region, but it is the largest urban oil refining center in Canada,” says Cameron Fenton, a member of Climate Justice Montreal.  ”It is a vast wasteland of oil, gas and chemical storage tanks, threatening the health of local residents and all Montrealers. If completed, the Trailbreaker would bring the direct effects of the Tar Sands right here.” More »

Today more than 170 people rallied outside of the Royal Bank of Canada’s (RBC’s) Annual General Shareholder meeting (AGM) in Toronto after a series of creative non-violent actions all morning. Inside, First Nations Chiefs and community representatives from four different Nations demanded RBC phase out of its Tar Sands financing and to recognize the right to Free, Prior and Informed Consent for Indigenous communities. Afterward, Indigenous leaders lead the crowd in a march to rally outside both RBC Headquarters buildings.

Other cities across Canada supported the First Nations voices inside the AGM as well with solidarity actions from (click on a city for pictures) London, Calgary, Vancouver, Edmonton, Victoria and more. Check out photos from those and our events in Toronto.

And see some preliminary media coverage from the Wall Street Journal and Yahoo.

See beautiful photos from Allan Lissner here.

Since 2007 RBC has backed more than $16.7 billion (USD) in loans to companies operating in the tar sands—more than any other bank. Called, ‘the most destructive project on Earth,’ Alberta’s tar sands projects will eventually transform a Boreal forest the size of England into an industrial sacrifice zone complete with lakes full of toxic waste and man-made volcanoes spewing out clouds of global warming emissions.

Outside the shareholder meeting school children, bank customers of every age, First Nations community representatives joined Rainforest Action Network, Indigenous Environmental Network, No One Is Illegal, and Council of Canadians made their outrage at RBC’s investments heard – to the thumping beats of street Samba band, the crowd shouted “Cultural Genocide: who do we thank? Dirty investments from Royal Bank!”

Inside the shareholder meeting, Chief Al Lameman of Beaver Lake First Nation, Alberta,Vice Chief Terry Teegee of the Carrier Sekani Tribal Council of BC, Hereditary Chief Warner Naziel of the Wet’suwe’ten First Nation of BC, and Gitz Crazyboy of Athabasca Chipewyan First Nation addressed RBC CEO Gordon Nixon directly about the way tar sands extraction projects have jeopardized their health and their rights.

Downstream communities have experienced polluted water, water reductions in rivers and aquifers, declines in wildlife populations such as moose and muskrat, and significant declines in fish populations. Tar sands has all but destroyed the traditional livelihood of First Nations in the northern Athabasca watershed.

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After a year of campaigning, this afternoon RBC and RAN finally sat opposite the same table to talk tar sands (here’s the background for those just tuning in).

In RBC’s corner was COO Barbara Stymiest joined by Sandra Odendahl and Shari Austin. We correspond with Sandra and Shari pretty regularly.  Barbara was a new contact. She’s one of nine members of RBC’s “Group Executive” responsible for setting the overall strategic direction of the bank.

Weighing in for RAN was Acting Executive Director Rebecca Tarbotton joined by Eriel Deranger and me. Our aim was to learn whether RBC is ready to begin putting its money where its mouth is on Indigenous rights, water quality and climate change by scaling back its financing in Canada’s tar sands.

The resounding conclusion? Maybe a little. Maybe. Enough to scale back the campaign? Read the play-by-play after the jump.

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I just finished spending two weeks with some of my favorite organizers in Toronto. In the midst of strategizing to have an impactful presence at the Royal Bank of Canada’s Annual General Shareholder’s meeting (AGM), we went on a training tour to reach out communities all over Ontario. The response has been tremendous.

RAN Toronto led organizing and strategy trainings in places like Lindsay, London, Kingston, with other cities like Barrie, Montreal, and Ottawa also getting organized. Why?

Because right now energy in Canada is exploding around not just the Tar Sands, but by confronting those who invest and support the most destructive project on earth.

The trainings had upwards of 40 participants, and evolved into planning sessions about groups of people coming to Toronto to let RBC shareholders know that the bank’s continued investments in the Tar Sands and disregard for Free Prior and Informed Consent of First Nations communities is unacceptable.

The invitation will soon be public to join community members and activists in Toronto on March 3rd, to participate in a series of actions and large rally at the AGM. Stay tuned.

In the last couple of weeks a slew of articles have come out announcing last year’s earnings for some of our favorite CEO’s.

• JP Morgan Chase’s CEO Jamie Dimon received a bonus of over $16 million ;
• General Mills Inc. chairman and CEO Ken Powell received $13.4 million in compensation, up 105 percent from $6.5 million in fiscal 2008;
• and, Royal Bank of Canada’s (RBC) CEO Gord Nixon was paid C$10.4 million in 2009

From investments in mountaintop removal coal mining and coal-fired powerplants if you’re Chase’s Jamie Dimon and financing of the horrific Alberta tar sands if you’re RBC’s Gord Nixon to supporting Indonesia’s rampant rainforest destruction for palm oil if you’re General Mill’s Ken Powell, profiting from environmental destruction is alive and well.

While it is no surprise that big businesses and big banks are raking in billions even as the unemployment rate hangs around 10%, I can’t help but be a touched shocked at the flagrant arrogance of these CEOs. Even as many of us dream of a new set of values and a new model for our economy and our society, business success is still measured by the old paradigm of continuous growth and maximized return on investment. You grow and you get rich or you die.

But it doesn’t have to be that way. More »

After more than a year of denial, RBC may be admitting that it has a problem in the tar sands. Tomorrow, we’ve learned that RBC will host a group of more than a dozen international banks for what it calls a “day of learning”. The meeting comes just eight weeks after our letter to 68 banks signed on to the Equator Principles requesting that they forgo financing in the controversial industrial project.

RBC’s invitation-only meeting clearly aims to develop begin developing a coordinated response among banks to the growing controversy over tar sands financing. We got a peek at a draft agenda featuring Deputy Ministers from Alberta’s Environment and Energy Ministries, tar sands developers, selected environmental groups and at least one “First Nation representative”.

While we didn’t get an invitation to the meeting, volunteers are planning to make our presence known by distributing a special message to bankers in attendance.

We don’t know for sure which banks will show, but we’re expecting most of the 26 ranked in our earlier post on international banks backing the tar sands.

We’re happy to see RBC starting an important conversation in the banking industry, but actions speak louder than words. These banks should stop bankrolling dirty oil and shift those funds into clean energy.

Progress or PR? You decide! Tell us what you think in the comments.

Illustration by Stefan Lorant

As an ode to the  “rank ‘em and spank ‘em” strategy coined by our outgoing Executive Director Mike Brune, we proudly present the following roster of international banks backing expansion in the tar sands.

The table below is based on credit extended underwritten by each bank to companies operating in the tar sands since 2007 according to Bloomberg. Restrictions at Bloomberg now prevent us from publishing deal-by-deal details to the web, but are available upon request if you leave your email in the comments.

Each of these banks received letters from RAN, IEN and BankTrack late last year requesting information about how they are addressing the damage caused by tar sands development. Responses (or lack thereof) will help us identify which banks are serious about responsible banking, and which may need more convincing. Responses received to date are also linked in the table after the jump.

UPDATE: There’s been some questions about how these numbers are derived.  We have answers, following the table. More »