“This decision shows that astute financial institutions are becoming increasingly wary of financing fossil fuel projects. Tar sands pipelines pose major risks, whether you are concerned about profits, human rights, the environment, or all three. Desjardins has made the right decision by announcing a moratorium on investments in and financing of oil pipelines, and we look forward to it becoming permanent.”
Greenpeace has been in communication with Desjardins and met with them this past week to discuss their pipeline financing, pressing the company to not finance controversial tar sands pipeline projects. Greenpeace hopes to see Desjardins take the logical next steps: to sell its existing $145 million stake in the $5.5 billion credit facility Kinder Morgan recently obtained to fund the Trans Mountain Expansion Project, and to make their newly announced moratorium permanent.
The announcement from Desjardins comes shortly after the ING Group clarified that they will not directly finance any of the four proposed tar sands pipelines (Trans Mountain expansion, Keystone XL, Line 3 and Energy East) and Sweden’s largest pension fund AP7 announced it divested from TransCanada due to its efforts to build new pipelines that are incompatible with the Paris climate agreement. Last April, U.S. Bank became the first major bank in the U.S. to formally exclude oil and gas pipelines from their project financing.
Banks around the world came under pressure to cease funding pipelines from the Indigenous-led resistance to the Dakota Access Pipeline at Standing Rock — similar opposition is expected this fall if Kinder Morgan begins construction of their pipeline in BC. A recent report showed that fossil fuel financing from 37 of the world’s largest banks dropped 22% in 2016.
Jesse Firempong, Communications Officer, (778) 996-6549 (mobile), [email protected]