Armstrong Economics Blog/Climate Re-Posted Mar 21, 2022 by Martin Armstrong
City National Bank is considered Hollywood’s “bank to the stars” and was acquired by the Royal Bank of Canada (RBC) in 2015. A group of over 65 clueless celebrities thirsting for attention are attempting to create a movement called “No Dirty Banks” to dissuade the RBC from investing in fossil fuels – period.
Their message is as follows:
As Canada’s #1 fossil fuel bank, and the fifth largest in the world, RBC is deeply implicated in the Canadian tar sands – one of the most toxic sources of oil on the planet, that has devastated Indigenous lands, and destroyed pristine boreal forest. Though RBC claims to be a leader in climate-conscious banking, since acquiring CNB in 2015 RBC has spent over $160 billion, making it one of the world’s most aggressive financiers of the tar sands and fossil fuel extraction. RBC and CNB must stop funding fossil fuel projects, especially fracking and tar sands. At the source of extraction, Alberta tar sands exacerbate the climate crisis, and are why Canada is unable to meet its international climate commitments. Between the signing of the 2015 Paris Agreement and the end of 2020, the world’s 60 biggest banks, including RBC, financed fossil fuels to the tune of $3.8 trillion. Fossil fuel funding fuels climate chaos and threatens the lives and livelihoods of millions. Bankrolling Coastal GasLink is just the latest example of RBC covering up their role in violating Indigenous rights, not upholding free, prior and informed consent as outlined in UNDRIP, and making the climate crisis worse.
These celebrities are known to live lavish lifestyles and are frequently spotted on private jets and yachts. They live in massive homes and drive numerous cars. The self-declared elite wants the peasants to curb their energy usage while they continue to consume far more than the average taxpayer. These people have no idea the implications of reducing funding for fracking and a pipeline amid a serious energy crisis. The average person feels the burden at the pump or while paying their monthly utilities, while the liberal Hollywood puppets do not. This is another example of the liberal stronghold on Hollywood as publicists continually ask their “stars” to promote the Build Back Better agenda in a twisted attempt to seem empathetic.