Leaders who worry about the state of the world in future years want actions to address climate change taken today.
Leaders who worry about the state of the economy today want actions to address climate change taken in future years.
In Canada, the former type are rare and the latter commonplace.
One reason is that power in Canada resides with people running large, long established corporations. Money talks. Politicians court praise and favours from wealthy sponsors and stand ready to follow orders when given.
Having lent tens of billions of dollars to enable acquisitions from multinational oil companies selling Canadian operations, financiers are exposed to potentially damaging losses if assets that secure the lending are stranded.
Canada’s five biggest banks are among the top funders of fossil fuels in the world. Since the Paris Agreement was signed in 2016, Canadian banking giants RBC, TD, Scotiabank, BMO, and CIBC have poured over $720 billion into climate-destroying fossil fuel companies — providing the corporations most responsible for the climate crisis continued funds to grow.
Business executives pressure governments to ensure generous corporate welfare keeps flowing to fossil fuel industries. Obliging politicians keep proving Martin Luther King right when he talked about, “Socialism for the rich and rugged free enterprise capitalism for the poor.”
According to an agency of the United Nations, shifting to a greener economy could create 24 million new jobs globally by 2030. But political leaders would rather support the status quo than pay heed to what they are told is speculation.
Categories: Climate Change