TORONTO – Greenpeace Canada is asking on BMO to finish its partnership with the Canadian Affiliation of Petroleum Producers (CAPP) in response to the oil foyer’s publication of a 2025 federal election platform that requires a significant rollback of environmental laws and an finish to all federal regulation of emissions discount and carbon pricing.
“The oil foyer is now not even pretending to care in regards to the local weather, so BMO wants to choose a aspect,” stated Keith Stewart, senior power strategist with Greenpeace Canada. “BMO can’t declare to be dedicated to local weather motion whereas colluding with an oil foyer group that’s calling for the utter destruction of Canada’s nationwide local weather plan.”
BMO not too long ago modified its public local weather dedication from “We’re dedicated to constructing a sustainable future and advancing a path towards a net-zero world” [1] to a new model: “to be our purchasers’ lead associate within the transition to a net-zero world, enabling modern local weather options and supporting sustainable outcomes in our function as a monetary establishment.” In both case, the oil foyer group’s not too long ago launched election platform (CAPP’s 2025 Federal Coverage Priorities: How our subsequent authorities can leverage the power sector for all Canadians) takes the world in the other way.
CAPP’s election platform requires Canada’s subsequent federal authorities to:
- Abandon all nationwide emissions discount coverage and carbon pricing (i.e. “letting provinces take the lead on any emissions reductions insurance policies and pricing techniques of their jurisdictions”);
- Weaken nationwide greenhouse fuel discount targets (i.e. “aligning our emissions discount targets with our companions and different allied main oil and fuel producing nations”);
- Repeal the Affect Evaluation Act (which for the primary time made local weather change a consideration in power challenge approvals) and the Oil Tanker Moratorium Act (which bans massive oil tankers alongside British Columbia’s north coast);
- Abandon the proposed oil and fuel emissions cap;
- Take away the anti-greenwashing provisions of the revised Competitors Act.
CEOs from 14 of the most important oil and fuel firms subsequently printed an open letter repeating many of those calls for (with an much more particular name for abandoning the economic carbon worth). In response to media questioning, they acknowledged that implementing their suggestions would make it more durable for Canada to satisfy its greenhouse-gas emissions targets.
BMO turned the sponsor of CAPP’s annual Vitality Symposium in 2023, after Scotiabank dropped its sponsorship of the occasion (and its membership in CAPP) after a Greenpeace protest throughout their AGM. BMO is internet hosting the 2025 BMO-CAPP Vitality Symposium on April 8 and 9 in Toronto, solely days earlier than BMO’s April 11 Annual Common Assembly the place shareholders will vote on a decision calling on the financial institution to meet its dedication “to foyer in a way per [its] assist for the goals and targets of the Paris Settlement.”
ENDS
Notes to editor:
[1] As of March 24, 2025, this was the definition on their Local weather Institute web page (nonetheless out there on the Web archive).
For extra data, please contact:
Keith Stewart, Senior power strategist, Greenpeace Canada
[email protected] ; +1 416-659-0294
