Canada is betting that efforts to incrementally reduce greenhouse gas emissions from its oil sands deposits will win back investors, banks and insurers who in recent years have shunned the carbon-heavy resource for environmental reasons.
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 decided not renew coverage for the Canadian government’s Trans Mountain oil pipeline, a spokeswoman for the project said in July.
* Dutch asset manager Robeco in September said it would exclude Suncor, Canadian Natural Resources and others from sustainability funds.
(Reporting by Jeff Lewis; Editing by David Gregorio)
Photograph: Upgrading plant at the Suncor Energy Oil Sands project near Fort McMurray, Alberta on June 13, 2017. In the background is the Athabasca River. Photo credit: Larry MacDougal via AP.
Related:
- Zurich Insurance Decides Not to Renew Cover for Canada’s Trans Mountain Oil Pipeline
- Insurers Zurich and Chubb Raise Cover for Canada Oil Sands Pipeline: Filings
- Insurers Pressured to Drop Coverage of Canada’s Oil Sands Pipeline
- Citing Climate Change, Chubb Will Limit Insuring, Investing in Coal Plants
- Hannover Re Cuts Exposure to Coal-Based Risks, Limiting Investments, Underwriting
- Survey from Regulator of Largest U.S. Insurance Market Shows More Coal Divestment by Insurers
- Munich Re to Stop Investing in Coal-Related Business, Insuring New Coal-Fired Plants
- Allianz Expanding Climate Strategy, Doesn’t Want to Insure Coal Operations
- Swiss Re No Longer Offers Re/Insurance to Firms with More Than 30% Coal Exposure
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