In their new book, “The Big Myth: How American Company Taught Us to Loathe Govt and Like the Cost-free Current market,” Naomi Oreskes and Erik M. Conway, professors at Harvard and the California Institute of Engineering, respectively, convey to the essential and routinely infuriating background of how it is that Individuals arrived to equate the wide strategy of liberty with an almost religious belief in the free of charge market. The so-named “Tripod of Freedom” — which positions free of charge organization, together with civil liberties and democracy, as “one of the 3 terrific elements” in the American way of everyday living — was an invention of the small business foyer, just one that was accompanied by abhorrence for any governing administration involvement. But as Oreskes and Conway note, the words “free enterprise” surface in neither the Declaration of Independence nor the Constitution.
Canada’s big five banks are potentially misleading investors with their use of terms like sustainable finance, according to a complaint to securities regulators by a climate advocacy group.
Banks are using the term “sustainable finance” too broadly and not backing up the claims with data, Investors for Paris Compliance said in its submission Tuesday to the Ontario Securities Commission and the Autorité des marchés financiers of Quebec.
Canadian banks, including RBC, TD, BMO, CIBC and Scotiabank, have all made pledges on sustainable finance that together total $2 trillion by 2030.
Sustainable finance covers a range of lending activities aimed at advancing mostly environmental and social causes. The financing can be anything from green bonds funding a specific renewable energy project to loans that go to general corporate use but are tied to sustainability-linked performance targets.
The commitments form a key part of their sustainability efforts, but banks are providing little to back up their effectiveness, said Matt Price, executive director of advocacy group Investors for Paris Compliance.
“They’re putting this in the window as one of their core responses to climate change and net zero, when they’re not rationalizing or justifying or providing any evidence or proof about that.”
The Current19:33Rethinking banks’ investments in fossil fuels
In an interview with CBC News, Investors for Paris Compliance said it would like to see more investment in sustainable businesses, and it’s not trying to challenge that. The group says it’s looking for accurate promises.
“We just want to make sure that investors can hold the banks accountable to their claims,” said Kyra Bell-Pasht, director of research and policy for Investors for Paris Compliance.