A big part of Coaching is listening deeply to what is being said. A person or group creates language that not only communicates what they may intend on the surface – it also reveals deep underlying structure of their model of the world. As a Coaching tool this provides a means of supporting my clients in seeing their blindspots; the assumptions that they have unwittingly embedded into their models of the world that are limiting their possibility and ability to create the outcomes they have come to coaching for.

It is also a powerful tool when listening to the unconscious of the culture around me. About the following – I do not have to be right. However I do think I am onto something. And it hit a nerve this morning so I thought it would be a good plan to write.

And – I am going to name names. Not because this organization is the only one involved; it is just that they are the 5th biggest funder of the cause of the Climate Emergency on the planet and the biggest in Canada. They are relevant.

The Royal Bank of Canada has put out two reports in the recent past [1,2]. I have a single quote from each of them.

“Active stewardship is effective because it gives investors a seat at the table with boards and management and the

opportunity to express their views.”

[1] Active Stewardship vs. Divestment – RBC 2021

In [1], RBC argues that the best way to influence the future is to continue to invest in Fossil Fuel projects, and use ther seats at the Board-level and proxy voting to influence outcomes. Sounds reasonable on the surface, however what I read is an underlying statement of powerlessness – that the best they can hope for is a persuasive influence. Another perspective is a passing off of responsibility (hence, asserting powerlessness is useful – they get to play the role of victim – it is not up to us, it is the industry – look over there – ignore the man behind the curtain…)

The underlying theme of [1] is that RBC chooses not to divest from activities that demonstrably are the cause of accelerating climate change, and instead assert that they can be most effective by being one hand amongst many, grabbing for the wheel of the bus heading for the cliff-edge. They assert that by divesting, they have no voice and therefore no power.

Have they never heard of ‘put your money where your mouth is‘?

I assert (with good evidence – the future is what gets funded after all [3]) that removing the fuel from the tank of the ‘express to ecological disaster’ bus would send an unmistakable signal.

I think RBC knows that the first major financer of Fossil Fuel projects to break ranks will start a rush to the exits, leading to the devaluation of all fossil fuel assets (see exposure in [4]) – and this would be terrible.

From a Coaching perspective – the breakdown is inevitable. The climate crisis is here. It is going to get a whole lot worse. There is no meaningful dissent about what is likely to happen remaining in the scientific community [6]. Honestly I do not think there ever was since Exxon amongst others knew so much 40 years ago [7].

The master-class level of Leadership is to create the breakdown; to accelerate the breakthrough and minimize the time spent in the vicious turbulence of an undistinguished mess of the inevitable rush for the exits. I assert RBC are hanging on by their fingernails to an old paradigm. With finely crafted words and truly beautiful, well funded reports. They are not the only ones. I happen to think that they are not only dead wrong, that they are holding society back at exactly the time we need them to advance the cause of future generations; the present be damned… Our future needs that breakdown.

From [2]

“Despite our best intentions, emissions have grown.”

[2] The $2Tn Transition

My first very un-coach-like response (?) is ‘Well, Duh!’. Since the Paris Climate agreement was signed in 2015, nearly $700Bn has been poured into Fossil Fuel projects by Canadian financial institutions. $164Bn of this has come from RBC[4]. You get what your attention, and your $ flow towards. Over the same time span, total funding of Sustainable energy in Canada has been a paltry $9.1Bn [5].

The Coaching question I have for RBC and the rest of the financial sector in Canada, including government is simple:

“If you were 100% serious about the threat of the Climate Crisis, and were committed to do everything in your power to avert catastrophe, where would you be putting your financial resources?”

and the follow-up zinger:

“Knowing that you have to make the change – by when will you act?”

I do not know if RBC and the others actually believe their own BS. I trust that they are waking up, and that the outpouring of public distrust and horror and what is going on organized for October 29th will help them get the memo.

ps. The first rule of holes is “When you find you are in one, stop digging…”

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[1] Active Stewardship vs. Divestment – RBC report 2021 – https://www.rbcgam.com/documents/en/ns/climate-change-active-stewardship-vs-divestment.pdf

[2] https://thoughtleadership.rbc.com/the-2-trillion-transition/

[3] https://geopolicraticus.wordpress.com/2014/04/15/why-the-future-doesnt-get-funded/

[4] https://www.greenpeace.org/static/planet4-canada-stateless/2021/08/a0d71ee1-canadian-banks-fossil-fuel-financing-greenpeace-canada-july-2021.pdf

[5] https://www.nrcan.gc.ca/science-and-data/data-and-analysis/energy-data-and-analysis/energy-facts/energy-and-economy/20062

[6] https://www.theguardian.com/environment/2021/oct/19/case-closed-999-of-scientists-agree-climate-emergency-caused-by-humans

[7] Scientific American October 2015 – Exxon knew about Climate Change almost 40 years ago. https://www.scientificamerican.com/article/exxon-knew-about-climate-change-almost-40-years-ago/