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This report is written for banks, their institutional shareholders, and for those financial institutions considering financing or arranging finance – through the purchase or underwriting of corporate bonds or shares – the construction and operation of any of the proposed tar sands pipelines.

It outlines the financial and reputational risks related to all three proposed tar sands pipelines including legal challenges, opposition from Indigenous and local communities, threats to drinking water and economic vulnerability. We make a number of recommendations for potential pipeline financiers and we suggest questions for bank investors to ask to understand whether the various risks are being adequately assessed, mitigated, and managed.

Download the report [PDF]