Banks turning their backs on the oil sands
Here is a look at some of the institutions with commitments and policies targeting oil sands.
- ING Groep in June 2017 updated its policy barring transactions directly linked to mining, exploration and transportation and processing of oil sands to include Canada’s government-owned Trans Mountain expansion, TC Energy’s Keystone XL and Enbridge’s Line 3.
- BNP Paribas in October 2017 said it would not finance Arctic, tar sands, shale oil or shale gas projects.
- Societe Generale SA in December 2017 said it would no longer finance the production of oil from tar sands.
- Insurer Axa SA in December 2017 said it would phase out coverage of oil sands businesses.
- HSBC in April 2018 said it would no longer provide project finance for new oil sands projects, including pipelines.
- Royal Bank of Scotland in May 2018 said it would not finance oil sands projects.
- Sweden’s central bank in November 2019 sold bonds issued by the Canadian province of Alberta.
- UBS in March said it would not finance new oil sands projects.
- Norges Bank in May said in would exclude several Canadian oil sands producers from the country’s $1 trillion wealth fund.
- Mitsubishi UFJ Financial Group in May put oil sands extraction on its “restricted transaction” list.
- Deutsche Bank in July said it would no longer finance new oil sands projects, including exploration, production, transport or processing.
- Insurer Zurich in July said it would not renew coverage for the Canadian government’s Trans Mountain oil pipeline.
- Dutch asset manager Robeco in September said it would exclude Suncor, Canadian Natural Resources and others from sustainability funds.
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