• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
Celebrating our 1,000th edition. The climate news you need
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  FEATURED
BREAKING: No Public Finance for East Coast LNG Projects, Wilkinson Says July 4, 2022
‘Climate Math Gets Harder’ as Radicalized Supreme Court Upends U.S. Carbon Regulation July 4, 2022
Dire Living Conditions, Climate-Driven Heat Wave Produce Deadliest Human Smuggling Event in U.S. History July 4, 2022
Ex-Fossil Workers Convert Old Oilfields to Solar Farms After ‘Rapid Upskilling’ in Alberta June 29, 2022
London Becomes Biggest City to Sign Fossil Fuel Non-Proliferation Treaty June 29, 2022
Next
Prev
Home Jurisdictions Canada

Bank of Montreal, RBC, BlackRock Among the Backers for Alberta’s ‘Reckless’ Keystone XL Subsidy

April 5, 2020
Reading time: 2 minutes

shannonpatrick17/flickr

shannonpatrick17/flickr

22
SHARES
 

The Bank of Montreal, the Royal Bank of Canada, Scotiabank, and TD are among the banks that are being called out for funding the Alberta government’s “reckless” decision to back the contentious Keystone XL pipeline with nearly C$8 billion in financial aid.

The U.S. banks behind the deal include Citi and JPMorgan Chase, the Rainforest Action Network reports. The deals were facilitated by investment giant BlackRock and Japanese banks MUFG, Mizuho. and SMBC.

Calgary-based TC Energy, the pipeliner formerly known as TransCanada, is pushing ahead with the project “despite active legal challenges, a lack of required permits, and without the free, prior and informed consent of Indigenous communities along the proposed route,” RAN adds.

“It should be deemed a criminal act for TC Energy, and the banks that support it, to continue working on this dangerous project during this global pandemic,” said Dallas Goldtooth, Keep it in the Ground campaign organizer with the Indigenous Environmental Network, in a release that vowed further organizing and resistance against the pipeline. “TC Energy and its bankers need to be held accountable as this project is unethically pushed forward under cover of a global pandemic.”

“By underwriting massive new bonds, JPMorgan Chase, Citi, and their Canadian peers have endorsed TC Energy’s extraordinarily reckless decision to ram through Keystone XL while a global pandemic is growing exponentially,” said RAN Senior Campaigner Ruth Breech. “Bringing in outside construction workers threatens the health of communities along the pipeline’s route as well as the workers themselves. Responsibility for any spread of coronavirus among these communities will be shared by banks like JPMorgan Chase and Citi that continue to fund TC Energy and any insurance companies that underwrite its risks, as well as TC Energy itself.”

“Japanese megabanks MUFG, Mizuho, and SMBC should be ashamed of their decision to act as co-managers” for a new US$1.25-billion bond for TC Energy, agreed Hana Heineken, RAN’s senior sustainable finance campaigner. That financing “is extremely risky,” she added, “and betrays their endorsement of the UN Principles for Responsible Banking and commitment to respect human rights.”

As for BlackRock, the world’s biggest investment fund manager “made a sweeping commitment this January to transform its business model in response to climate change, and the next month announced that one of its fastest-growing sustainable funds would stop investing in tar sands,” said Amazon Watch Climate and Finance Director Moira Birss. “Yet it continues to pour investment dollars into the very companies driving the climate crisis, like TC Energy.” She added that “BlackRock is not a climate leader if it keeps investing in climate destruction and Indigenous rights abuses.”



in Canada, Community Climate Finance, Energy Subsidies, First Peoples, Health & Safety, Sub-National Governments, Tar Sands / Oil Sands, United States

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Wikimedia Commons
Oil & Gas

BREAKING: No Public Finance for East Coast LNG Projects, Wilkinson Says

July 4, 2022
123
angela n./flickr
United States

‘Climate Math Gets Harder’ as Radicalized Supreme Court Upends U.S. Carbon Regulation

July 4, 2022
126
EdmondMeinfelder/flickr
Environmental Justice

Dire Living Conditions, Climate-Driven Heat Wave Produce Deadliest Human Smuggling Event in U.S. History

July 4, 2022
35

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

angela n./flickr

‘Climate Math Gets Harder’ as Radicalized Supreme Court Upends U.S. Carbon Regulation

July 4, 2022
126
Wikimedia Commons

BREAKING: No Public Finance for East Coast LNG Projects, Wilkinson Says

July 4, 2022
123
U.S. Navy/picryl

Montreal to Host New NATO Climate Centre as Military Analyst Confronts Global ‘Hyperthreat’

July 4, 2022
81
opinion polling gender green recovery climate action

Conservative Women Far More Likely Than Men to Support Green Transition, EcoAnalytics Research Finds

July 4, 2022
80
Maurits90/Wikimedia Commons

San Francisco Commuter Train Derailed by Scorching Track Temperatures, Extreme Heat

July 4, 2022
49
EdmondMeinfelder/flickr

Dire Living Conditions, Climate-Driven Heat Wave Produce Deadliest Human Smuggling Event in U.S. History

July 4, 2022
35

Recent Posts

Adrian Grycuk/Wikimedia Commons

Youth Climate Case Moves to Top Tribunal in European Court

July 4, 2022
34
Seci/wikimedia commons

Saudi Aramco Talks Net-Zero, Plans to Boost Production Through 2035

July 4, 2022
21
Keith Weller/Wikimedia Commons

U.S. Methane Plan Gives Big Ag a Free Pass

July 4, 2022
28
Fadi Hage/wikimedia commons

Indoor Farming Revolution Comes with Significant Carbon Cost

July 4, 2022
37
Mont SUTTON snow terrain

Southern Quebec Towns Scramble for Solutions as Water Sources Dwindle

July 4, 2022
37
Pxhere

Marine Stewardship Figures Prominently in Latest Project Drawdown List

July 4, 2022
24
Next Post
Kern River Valley Fire Info/Facebook

COVID-19 May Deliver ‘One-Two Punch’ to Flood, Wildfire Response

The Energy Mix

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Navigate Site

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Follow Us

No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}