Trans Mountain ‘pipeline is going to get built’: Trudeau dismisses B.C.’s bitumen ban

Hoid

Hall of Fame Member
Oct 15, 2017
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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.
 

gerryh

Time Out
Nov 21, 2004
25,756
295
83
Simple, if they want to try and kill Canada's resource industries, then Canada should ban them from doing business in Canada, period.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
547
113
Vernon, B.C.
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.


Sounds about as crazy as it gets! Aren't gas, oil and coal among our main industries with demands for decades to come? Utter insanity!
 

Hoid

Hall of Fame Member
Oct 15, 2017
20,408
3
36
Market forces.

They aren't doing it because they are nice guys they are doing it because they have to.
 

Hoid

Hall of Fame Member
Oct 15, 2017
20,408
3
36
In this case the bank itself is on such shaky ground that is no longer possesses the political capital to force these sort of holdings on their shareholders.

Obviously people have been telling them for ages to divest themselves.
 

Hoid

Hall of Fame Member
Oct 15, 2017
20,408
3
36
Big Oil Has Never Lost This Much Money

https://earther.gizmodo.com/big-oil-has-never-lost-this-much-money-1844571705

It’s never been a worse time to be an oil company. Even the biggest of Big Oil firms are falling apart like shoddily built McMansions on a patch of quicksand.

The latest to start to sink is Exxon and Chevron, which each reported their largest quarterly loss in history on Friday. This comes a day after reports emerged that Exxon is considering layoffs and other forms of cost-cutting while ensuring shareholders get paid. The stunning reversal of fortunes for some of the world’s greatest climate villains is another sledgehammer blow to the hegemony of oil.