Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Stand.earth launches digital ad campaign targeting RBC for investing in oil and gas
THE FACTS: Oil and gas demand will be increasing significantly in non-OECD developing countries and Canadian banks are the best in have strong social governance to weed out irresponsible companies to make sure they are protecting the environment.
Here are some facts and sources to have a reasoned conversation about Canadian banks investing in Canadian energy:
- Stand.earth is targeting RBC for lending $200 billion to oil and gas projects since 2016. But in February 2021, they announced $500 billion in ‘sustainable financing’ for green initiatives.
- 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.
- Oil and gas demand will be increasing significantly in non-OECD developing countries. They will need responsible energy delivered from countries like Canada to help develop their economies and better their quality of life.
- Stand.earth also targets RBC for its financing of Line 3 and Coastal GasLink claiming that they are vociferously opposed by Indigenous nations.
Enbridge has reached various agreements related to Line 3 Replacement with all three of the Indigenous Tribes whose reservation land is crossed by the original Line 3 on the American side of the pipeline.
Coastal GasLink has signed agreements with all 20 elected First Nation councils along the pipeline’s route.
Stories that get it right:
The Obvious Delusion Of ‘No More Natural Gas’
Activists have been claiming that natural gas demand is going away for years. Yet every year demand continues to climb. In a recent J.P. Morgan report, they noted that the energy transition will take longer than pundits and politicians claim. The push to not invest in new gas supply is already starting to devastate as demand can only continue to rise. This has caused natural gas prices to spike and also caused Europe to rely on more high-emissions coal to keep countries running.