Canadian Tire Bank
Your bank falls short in climate responsibility.
Canadian Tire Bank is owned by Canadian Tire and provides financing options to individuals. As such, it does not lend to fossil fuel companies directly. However, we have reason to believe it banks with Scotiabank, which is the #2 financier of fossil fuels in Canada and has been rated Worst by bank.green. As such, you money may indirectly be funding the climate crisis.
We'd like to see Canadian Tire Bank measure the greenhouse gas emissions impact of its lending, set climate targets, introduce green products and change its banking services provider.
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Financial institutions in this category have shown a weak commitment to environmental sustainability and transparency.
If they engage in energy financing, they are likely to lend far more to fossil fuels than renewable sources. They may have limited or no effective policies to improve their climate impact and may lack meaningful targets for reducing the emissions they are responsible for.
While they might show some engagement in sustainable practices or offer certain green lending products, these efforts are insufficiently developed or prominently displayed to make a significant impact.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
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