Another bank shuts the door on oil and gas and coal in general and oil sands in particular. They will all end up doing it as the market says they must.
https://calgaryherald.com/opinion/c...ilsands-financing-triggers-pushback-in-canada
On Monday, Deutsche Bank joined a growing parade of banks and investment funds scaling back or reducing their exposure to the oil and gas industry — and, more specifically, the oilsands.
The bank adopted a new fossil fuel policy and will no longer finance new oilsands projects, developments in the Arctic, or oil and gas projects that use hydraulic fracturing in countries with limited water resources.
By the end of this year, the bank will review all existing business activities in the global oil and gas industry. Deutsche Bank will also end its business in coal mining by 2025, at the latest.
This isn’t the first time the oilsands industry has been singled out.
In May, Norway’s sovereign wealth fund said it had excluded seven companies — including Calgary-based producers Imperial Oil, Suncor Energy, Canadian Natural Resources and Cenovus Energy — from being held by its fund, citing carbon emissions from oilsands operations.
Other European banks, including HSBC and BNP Paribas, have also reduced their lending to the oilpatch. In 2018, HSBC introduced a policy that it wouldn’t finance new oilsands projects, a decision that has triggered frequent criticism from Premier Jason Kenney.