Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Greenpeace Climate strikers in Friday’s for Future protest target Canadian banks to divest from supporting oil and gas.
THE FACTS: Publicly shaming banks for supporting best in the world Canadian oil and gas could unintentionally harm the environment.
Here are some facts and sources to have a reasoned conversation about banks investing in oil and gas:
- 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.
- This BMO report already confirms that Canada is already the best in the world at producing oil and gas. Investing in Canadian oil and gas is investing in responsible energy.
- Banks investing in the Canadian oil and gas industry means they are investing in an industry that spends the most of any other industry on cleantech.
- Technology like carbon capture, utilization, and sequestration is advancing rapidly and will continue to improve and be deployed in more places at lower costs to make more oil and gas production net-zero. In addition, emerging circular economy technologies hold the promise of true sustainability for oil and gas.
- It is interesting to note that Canada’s Big 5 banks have committed to $1.25 trillion in “green” financing over the next decade.