banks Archives - Oil Sands Divestment

HSBC to end funding for new oil and gas fields

This article was written by Esme Stallard and originally published by BBC on December 14, 2022. HSBC has announced it will stop financing new oil and gas fields, as part of its efforts to drive down global greenhouse gas emissions. Environment groups said the move sends “a strong signal” to fossil fuel giants that investment…

Danske Bank Position on Fossil Fuels

Danske Bank, a Danish banking company recently published a statement outlining its position on fossil fuel investments. To read this statement, click here.

NYC Comptroller Lander and City Pension Funds Call on Major U.S. and Canadian Banks to Set Absolute GHG Emissions Targets for High Emitting Sectors

This statement was originally published by the New York City Comptroller on January 24, 2023. New York, NY – Today, New York City Comptroller Brad Lander and three of the New York City Retirement Systems (the New York City Employees’ Retirement System, Teachers’ Retirement System, and Board of Education Retirement System) announced shareholder proposals at Bank of America, Goldman…

A fine line’: Canada’s big banks have long stood by the oilpatch, but ESG pressures are changing things

This article was written by Barbara Shecter and originally published in the Financial Post on August 22, 2022. If you want to understand the sway Canada’s energy sector has historically held over the country’s big banks, you need only look back a few years to a controversy stirred up when Canadian Imperial Bank of Commerce…

Canada’s banks and pension funds are financing a climate disaster

This article was written by Alan Andrews and originally published by EcoJustice on June 8, 2022. The dark money behind fossil fuels Climate change is an existential threat to the future of humanity and all life on earth. But there is a clear solution to averting the climate disaster – stop consuming fossil fuels and…

IEEFA: Canada’s major banks continue funding oil and gas companies despite growing concerns over decommissioning liabilities

This article was written by Omar Mawji and originally published in the IEEFA on May 25, 2022. May 25, 2022 (IEEFA)—Oil and gas companies across western Canada are unable to meet their share of the total $72 billion in future decommissioning obligations even if oil prices stay above $85 per barrel, according to a new…

Annual report shows Canada’s big five pour CA$ 910.84 billion into fossil fuels since the Paris Agreement signed in 2016

This article was written on Wednesday, March 30, 2022, and originally published by Stand.Earth. 13th edition of Banking on Climate Chaos report shows RBC, Scotiabank, CIBC, TD, and Bank of Montreal increased financing of fossil fuels by a combined CAD $61 billion in 2021. All of Canada’s major banks grew support for the fossil sector last…

Britain Turns to Bankers to Blaze a Green Trail

This article was written by Eshe Nelson and published in The New York Times on December 2, 2021. Advocates descended on the streets of Glasgow last month, pressing banks and other financial institutions at 26th United Nations climate summit to be more responsible stewards of the climate. But a bank based just 50 miles east…

Understanding the Opposition and Funding of Line 3

This post was written by Oil Sands Divestment and published on August 18, 2021. Enbridge’s largest project, Line 3 is slated to bring oil from Alberta’s oil sands, through Minnesota to Wisconsin, and has faced fierce opposition since day one. Despite this, construction is completed in Alberta and Wisconsin and tensions continue to rise in…

How resiliency in risk management is the new top priority for banks

Written by Jan Bellens and Mark Watson this article was published by Ernst & Young Global Limited on June 22, 2021. As the COVID-19 pandemic starts to ease in some countries, banks are reflecting on the impact of a global health crisis on their institutions. The 11th annual EY/IIF global bank risk management survey shows that…