As the genocide in Gaza continues relentlessly and images of unimaginable horror and sorrow fill our social media daily, it is important to reflect on the recent small victories emerging from Canadian institutional and political quarters.

First, there was the announcement that the Canadian government was officially revoking the charity status of the Jewish National Fund (JNF). Earlier this week, it was revealed that Scotiabank further reduced its investment in Israeli arms company Elbit Systems.

Canada Palestine Association in Vancouver posted the following statement on August 15:

“On June 3, 2023 Vancouver activists held a march and flash action at Scotiabank headquarters, to help launch a national campaign to demand that Scotiabank divest from the Israeli arms maker Elbit Systems. 

Since then, Scotiabank’s asset fund has reduced its half a billion dollar investment in Elbit 3 times, but still owns 1.44% of Elbit shares (worth approx. $113 million). Many groups and individuals have been part of the campaign to say #ShameonScotiabank for funding Israeli genocide; it is this collective pressure that produced results. A special shoutout to allies in the artists and writers community who embraced this issue, and helped increase the visibility of the campaign in new and creative ways.

However, although Scotiabank is no longer the largest foreign investor in Elbit, it is still one of the “top ten”. Any funding of genocide is too much. We will not rest until Scotiabank divests completely from Israeli war crimes.”

In fact, over the last three fiscal quarters, Scotiabank’s asset fund has progressively reduced its investment in Elbit Systems. This gradual ‘incremental divestment’ is less dramatic than a complete withdrawal of funding at once and allows the bank to argue that the decision was based on ‘investment merit’.

But activists are not buying it. In fact, Elbit Systems says its revenues have actually increased over the last year. What arms company doesn’t do well during a genocide? However, Scotiabank may be paying a bigger price on the homefront in huge negative publicity and lost credibility, which is also a factor in doing business.

Canadian Press reported on August 14: “Elbit noted in its most recent results that it had a 12 percent increase in revenue compared with a year earlier as it saw high demand for its products, including ‘material increased demand’ from the Israel Ministry of Defense.”

But the cost of slipping trust and reputation - crucial for a financial institution - weighed heavier than Elbit’s increased profits. The campaign demanding that Scotiabank stop funding Israeli genocide has reached new popular heights. The combination of a big bank in alliance with an arms company ruthlessly making money by eradicating a whole civilian population in Gaza is not good publicity.

And activists in Canada, from coast to coast, took up the issue. Pickets, flash actions inside, multiple petitions, and as noted already, the added spotlight brought to various artistic and literary events funded by Scotiabank. Allies in the arts community were pivotal in this campaign, targeting the Scotiabank Giller Prize and disrupting its live awards ceremony, as well as the Hot Docs Festival.

Toronto writers against the war on Gaza said in comments on Scotiabank’s latest piece-meal divestment: “Artists have drawn a red line for our cultural institutions. Our power as culture workers lies not only in what we create but in the collective power we exercise toward Palestinian liberation. The time is past for pins and public statements as the end point of our resistance. This win was achieved through the withdrawal of labor, through direct action, and through organizing.”

Their comments concluded with this: “That’s why we aren’t settling for partial divestments, or keeping our sights on Scotiabank alone. As artists, we reject the lie that arts funding must be entangled with investments in   Palestinian death. Our target is any organization enabling the Zionist entity’s occupation of Palestine.”

Such spirit and commitment, backed with grassroots popular support even in Western countries, will amplify the growing challenges and opposition to Zionism and its project, and its industries of death and destruction like Elbit.

Palestine will indeed be free and when that day comes, Palestinians will remember all those who stood with them in their darkest moments; at the same time, they will also remember all those who were complicit in their genocide and betrayed them.