Climate Change, Global Warming, Environment, Greenhouse Gas, Oil And Gasoline, Oil Sands, Banking And Finance, Blackrock, Hartford Financial Services Group, Alberta, Canada

Climate Change, Global Warming

Global Financial Giants Swear Off Funding an Especially Dirty Fuel

Lenders and investors, under pressure to act on climate change, have stopped funding Alberta's vast oil-sands developments, and the province is fighting back.


Some of the world’s largest financial institutions have stopped putting their money behind oil production in the Canadian province of Alberta , home to one of the world’s most extensive, and also dirtiest, oil reserves

Lenders and investors, under pressure to act on climate change , have stopped funding Alberta 's vast oil-sands developments, and the province is fighting back.

Zurich Insurance , announced they would stop providing coverage to projects in the oil sands, which are sometimes referred to as tar sands, as well as no longer investing money in those projects. In December, the American insurer The Hartford said it would no longer insure or invest in companies that get more than a quarter of their revenue from oil sands or thermal coal mining. “We selected coal and tar sands because they have been identified as leading contributors to carbon emissions,” said David Robinson, the company’s general counsel. Even large international oil companies began pulling out of the oil sands, including Shell in 2017. A Shell representative said the company left because other companies with more oil-sands experience were better able to work there. But Andrew Leach, a professor of energy economics at the University of Alberta, said Shell was also responding to pressure from its own investors to pull out, given the high levels of greenhouse gases associated with oil extraction there. “They were under significant pressure from their shareholders to pull out,” Dr. Leach said. The latest blow came in December, when the rating company Moody’s downgraded the creditworthiness of Alberta’s debt to its lowest level in 20 years, citing, among other concerns, the province’s dependence on the oil sands and the environmental costs of extracting the oil. In response to that pressure, Alberta has only increased its support of the oil sands. Mr. Kenney, Alberta’s premier, has publicly vilified investors that left, complaining that some of those same investors also finance oil production in countries such as Iran and Saudi Arabia, which have lower greenhouse gas emissions per barrel but far worse human-rights records. Mr. Kenney also promised to strip government contracts from companies such as HSBC and also threatened to put up billboards in the London subway, where the bank is based, intended to embarrass it for investing in Saudi Arabia while spurning Alberta. Spokeswomen for HSBC and for Mr. Kenney both declined to say whether Alberta had canceled government contracts with the bank. “I refuse to allow us to be lectured to by European banks and insurance companies” that do business with Middle Eastern oil producers, Mr. Kenney said in October. “We’re going to take that right to their doorsteps in Europe.” After Moody’s downgraded the province in December, Mr. Kenney lumped it in with other global finance companies as biased, misinformed, or both. “Increasingly, financial institutions, and this includes apparently Moody’s, are buying into the political agenda emanating from Europe,” Mr. Kenney said , adding that those institutions are often making decisions “based on data distorted, torqued data provided by green left pressure groups.” Later that month, Alberta opened its war room, which has a budget of 30 million Canadian dollars and a mandate to rebut criticisms of the oil sands. One of its first items, which are designed to look like online news articles, attacked a nonprofit group that teaches schoolchildren about climate change and criticized school administrators for letting the group talk to Alberta students. “The center will take a fact-based approach, counteracting myths and lies being spread about our province and about our energy sector,” Sonya Savage, Alberta’s energy minister, said of the war room, whose formal name is the Canadian Energy Center. Oil sands extraction leads to about 70 percent more greenhouse gas per unit of energy on average than the global mean, according to research published in the journal Science in 2018 using data from 2015. Of the 90 countries whose oil extraction was studied, few generated more greenhouse gas per barrel. The government’s antagonism toward overseas investors and other perceived critics reflects a political calculation, according to Melanee Thomas, a professor of political science at the University of Calgary: Railing against foreign influence plays well with conservative voters. The problem with that approach, she said, is that the government has made it harder for voters or the oil sands industry to hear the message those banks are delivering: The world’s appetite for the most polluting fossil fuels is fading. “The market’s already pointed in a particular direction,” Dr. Thomas said. “You can scream at it as it goes, but that’s not going to change it.” In response to written questions for Mr. Kenney, his spokeswoman, Christine Myatt, wrote that investors should evaluate oil sands projects individually, adding that some projects have lower greenhouse gas emissions than others. “It is unscientific to draw a line around a region and say it is off-limits for investment,” Ms. Myatt said. Mr. Kenney’s position “is not a campaign tactic,” she added. “It’s about responding to an existential threat to Alberta’s — and Canada’s — economy and to the livelihoods of hundreds of thousands of Canadians.” Despite the political rancor, the divestment campaign has yet to curtail production. More oil was extracted from the oil sands last year than during any previous year on record, according to data provided by the Canadian Association of Petroleum Producers, the industry’s trade group. That’s partly because Canadian banks and pension funds have remained willing to lend. Those institutions are more wary than their global counterparts of prompting a backlash from the Canadian public, experts said. A senior Alberta official, speaking on the condition that he not be identified, said the frustration inside the government revolved around the belief that foreign investors are pulling out of the oil sands to earn the good will of environmentalists and activists. That tactic imposes no great sacrifice on those investors, the official said, since the returns from the energy industry have been low anyway compared with other industries. The official also said the investors were ignoring progress that oil sands companies are making on greenhouse gas emissions, as well as the fact that some oil sands operations are closer to the global average on emissions. The critics of divestment aren’t just in Alberta. Michael Sabia, chief executive for the Caisse de Dépôt et Placement du Quebec, one of the country’s largest pension funds, said it continues to invest in oil sands companies, while pushing the companies to reduce greenhouse gas emissions. “What does divestment get you? What you get is, you get a headline,” Mr. Sabia said in an interview. “But you haven’t done anything really to direct your organization to be a positive contributor to the energy transition that the world has to go through.” Jeanna Smialek contributed reporting. Read more: The New York Times

Maybe the writer should focus on skeletons in the closet in his own backyard. Good. Now the Canadian government must *cease* building the pipeline that is being forced on First Nations land. Shame on you, PM Trudeau! And now in the USA? Let's work on that. Thiện tai thiện tai This is another fake news, unfortunately. C'mon New York Times. You can do better than this!

The Government of Alberta’s response: $120 million-dollar ‘war room’ to create ridiculous-sounding tweets via the widely mocked account CDNEnergyCentre. Really. You can make this shit up. JustinTrudeau what’s going on? The carbon bubble is going to pop. Not only climate activists but banks and investment funds are concluding the fuel must be left in the ground. Once that point is decided, value of the remaining carbon assets of the fossil age giants drops to zero.

If you are familiar with bitcoin go to Elon and get your free BTC now. He’s throwing a party. DM me for more info It’s so dirty!

Trump budget proposes cuts to global health amid two global health crisesAmid two global health crises, the Trump administration has proposed cutting $3 billion from the U.S. government's global health programs in its latest budget request. You can't be serious abc. How dare the American taxpayers not pay for other country's problems. Absolutely stunning. It's one thing to deny the science behind global climate change (65 degrees in Antarctica?). It's completely another to assume you can keep out a pandemic by pretending it doesn't exist is criminally stupid.

It’s called ESG investing. Hundreds of investment managers, Harvard Endowment and a gazillion others will follow. They should America is number 1 now not Canada. Dirtiest is the opinion of the writer which I’m sure is a leftist and we all know how that goes! “World’s largest financial institutions”! Cool it with the antisemitism.

😬 Now tell us the real story you fake news 👏🏽👏🏽👏🏽 thank you nyt!

Fed chairman: Coronavirus could hurt the global economyThe outbreak of the coronavirus, which has now killed more than 1,000 people, has added uncertainty to the global outlook -- and the US economy -- as companies have shuttered plants and shifted supply chains to contain spread of the infectious disease. China just loves it when a plan comes together. 1914 was the LAST MAJOR out break that killed 50 million, commonly called the Spanish flu. HOPEFUL the feds cut some red tape so a vaccination can be developed. Remember when the News was 90% Real News and 10% Speculation? Today the News is 10% Real News and 90% Speculation.

Ray Dalio thinks the coronavirus' hit to global markets is probably exaggeratedThe billionaire hedge fund manager's comments struck a calmer tone than some of the analysts and investors predicting a potential stock market correction. It is a big TBD Dalio. More charlatan permabullshit Nothing to see here, folks...

Coronavirus Worries Keep Global Firms Away From Trade ShowsFears over the fast-spreading coronavirus are prompting global companies to cancel plans for major industry gatherings such as the MWC Barcelona tech conference and the Singapore Air Show.

New York state sues Trump admin over Global EntryAfter DHS banned New Yorkers from trusted traveler programs, New York Atty. General, Letitia James, called the move “political retribution.” She joins Ali Velshi to discuss why she’s suing the Trump administration for the 35th time, and explains why these programs are critical to New York’s economy. Immigrants do not have a “right” to come here. Our elected officials absolutely do have the right to control who enters and who doesn’t. Is it possible it's actually about local and national security... and NOT your pathetic identity politics & systemic victimhood? What bs.. The immigration problem has nothing to do with xenophobia and all to do with legality and security. You're FakeNews

Supply strain—how will the coronavirus affect global supply chains?What does it take to be a CEO in 2020? PatrickFoulis and r_shanbhogue take a look at the modern boss, on the latest episode of “Money Talks”

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