Royal Bank Told to Get Out of the Tar Sands

Dogwood Initiative, Media Release, March 3, 2010-- Victoria (B.C.) residents gathered outside of Royal Bank of Canada's Victoria headquarters today to tell the bank to 'Get Out of the Tar Sands'. The action was one of several occuring across Canada, and coincided with RBC's annual shareholder meeting that was held earlier today in Toronto.

"RBC clients and individual shareholders might be interested to know that their bank is the largest financier of Alberta's tar sands, the most destructive project on earth," says Eric Swanson, Dogwood's Corporate Campaigner.

The massive tar sands projects are holding Canada back from meaningful action on climate change. Pollution from the tar sands is thought to be the cause of increased levels of certain rare types of cancer in downstream communities. Aboriginal communities in Alberta, and along tar sands related pipeline routes, are becoming increasingly aggressive in their opposition to tar sands expansion.

Concerned Citizens and First Nation representatives attended RBC's annual shareholder meeting this morning to deliver a message that responsibility for damage caused by the tar sands doesn't stop with the oil companies; it is shared by the banks and investors that finance the industry.

"$1 held in an RBC bank account does more to fuel climate change than the same dollar in any other Canadian bank," says Swanson. "We're encouraging RBC clients to consider switching to a credit union - such as VanCity - that does not invest in the tar sands."