Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Burnaby Councilor votes against business with Royal Bank, condemning them for supporting Canadian oil and gas.
THE FACTS: Royal Bank supporting best in the world Canadian oil and gas helps with the race to net-zero
Here are some facts and sources to have a reasoned conversation:
- 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.
- Canadian banks like RBC 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.
- 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.
- An interesting thing to note is that in February 2021, RBC announced $500 billion in ‘sustainable financing’ for green initiatives.
- These virtue-signaling moves by elected officials ignore a valid third option for climate solutions. Carbon tech is expected to become a trillion-dollar global market that activists will ignore as an opportunity for Canada.
Stories that get it right:
Deals in the oil sands are coming, as Canada’s biggest energy companies put cash and science to work
The Oil Sands Pathways to Net-Zero are putting their money where their mouth is by investing in climate solutions like Carbon tech to help reduce emissions. While there has been pushback against the industry and calls for a wind-down, the companies are leaving moratoriums and bans in the past, they are using innovation.