Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Stand.earth blog blames heatwave and forest fires on Canadian banks because they help finance oil and gas projects and wants them to divest.
THE FACTS: Canadian banks have stringent investment strategies and governance to invest in responsible Canadian oil and gas companies.
Here are some talking points and sources to have a reasonable conversation about Canadian banks investing in 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.
- These 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 author of this blog post singles out RBC for lending $200 billion to oil and gas projects since 2016. However, in February 2021, they announced $500 billion in ‘sustainable financing’ for green initiatives.
- The author of the report also targets the Line 3 pipeline by making the debunked claim that it will increase emissions equal to 38 million cars. However documents from the regulator state that overall emissions would not increase.
- The world needs more responsible energy as the population grows, especially in developing countries. Canada’s environmental, social and governance standards make us well suited to provide responsible energy and reduce environmental impacts at the same time.
Stories that get it right
Commentary: Government COVID relief well closure funds are not a subsidy to oil producers – David Yager
Long-time energy executive and advocate David Yager comments on a seemingly hack job report from the Parkland Institute on the funding for well clean up promised to the industry during the height of the COVID pandemic last year. Even though 90% of the jobs target for the program is being hit, Parkland concluded it was not worth getting oil field service workers back to work.