Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Greenpeace Canada tweet claims Canadian banks are fueling climate change because they support oil and gas development.
THE FACTS: Banks investing in Canadian oil and gas is better for ESG and the world.
Here are some talking points and sources to have a reasonable conversation about banks investing in Canadian oil and gas:
- Canadian banks are the best in the world at resource financing and have strong social governance to weed out irresponsible companies to make sure they are protecting the environment.
- Canadian banks are also investing heavily in “green” energy as well. It is interesting to note that Canada’s Big 5 banks have committed to $1.25 trillion in “green” financing over the next decade.
- The world’s population will grow to 10 billion by 2050 and more energy will be needed to provide the standard of living they will want. This BMO report confirms that the Canadian oil and gas industry is the best in the world. The globe is looking to Canada for solutions for providing more energy in the future with a lower environmental impact than today.
- Canadian banks financing Canadian oil and gas projects ensures that the suppliers of energy won’t shift to countries that are more polluting, less transparent, and less sensitive to societal pressures. Divesting from best in the world Canadian oil and gas is bad for the planet.
- The oil and gas industry invests the most of any other industry in the expansion of clean technology to produce reliable energy while lowering environmental impacts. They spent 72% of total industry money spent on clean technology in 2016.
Stories that get it right:
Canada’s Oil Sands Innovation Alliance (COSIA) has released research reports summarizing projects of the over 100 projects related to remediating environmental impacts of oil sands development. COSIA members work to accelerate the pace of environmental performance in the oil sands by sharing expertise, resources, technologies, and even intellectual property.