Another great bank is moving away from the oil sands

Une autre grande banque délaisse les sables bitumineux

Photo: Daniel Roland Agence France-Presse
The decision of the German bank does not apply only to the extraction and production of oil, but will extend also to his exploration, to its transformation and even its transport.

Deutsche Bank adds its name to the list more and more long of the giants of finance who have turned back to the albertan oil sands. As one of the largest financial institutions in Europe, the German bank announced on Monday that it would immediately stop the funding of any new oil project in the oil sands. This decision does not apply only to the extraction and production of oil, she said in a press release, but will extend also to his exploration, to its transformation and even its transport.

Having already drawn a line on all proposed new coal-fired power plant, the bank waives as from now on any new project of oil or gas in the Arctic or in areas plagued with water shortages and where there should be the use of hydraulic fracturing. As to all of the projects in which the German bank is already associated, their full review will be completed by the end of the year and will lead to a plan of divestiture. Any link with coal mining will have been cut by 2025.

This new policy, ” says Deutsche Bank, follows, in particular, of its decision, in June, to join a group of players in German financial commitment “to align their portfolios of financial assets on the objectives of the Paris Agreement” of limiting global warming to 1.5 °C. This collective commitment on the side to finance German matches of the promise of developing methods of measurement of climate impacts by the end of 2022 and to adapt the driving according to the national targets and international.

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The announcement that Deutsche Bank will not fail to seal it a little more the moral of the petroleum industry in alberta is already severely affected by the drop in world prices, the multiple barriers faced by its pipeline projects and a love growing finance foreign.

The policy update from Deutsche Bank on fossil fuels is the last wakeup call that tells us that to continue with coal, oil

and the natural gas will sink our economy while destabilizing the climate

— Keith Stewart

 

When the largest bank of Europe, the british HSBC, had announced, two years ago, the end of the funding of any new project in the oil sands, the institution had been severely taken to task by the provincial government and the local business community. The canadian oil company Suncor, and even the new prime minister of alberta, Jason Kenney, had promised to boycott.

Other banks would, however, follow his example, as BNP Paribas and Société Générale, but not only. In February, the largest investment fund manager in the world, BlackRock, has announced that its ethical investment funds would henceforth avoid any company with links to thermal coal and the oil sands. Before this, there had been the largest pension fund in the netherlands and even the central bank of Sweden. Last may, it is the largest sovereign fund in the world, Norges Bank Investment Management, which excluded four canadian producers of oil sands, including Suncor, after having concluded that they emitted too much greenhouse gas.

In January, the great company american insurance company The Hartford has made know not only that it would invest more in the oil sands, but it would refuse also to provide any other company who would attempt it. She joined other big names in insurance such as AXA, Swiss Re and Zurich Insurance.

“The policy update from Deutsche Bank on fossil fuels is the last wakeup call that tells us that to continue with the coal, oil and natural gas will sink our economy while destabilizing the climate,” said Monday to The canadian Press Keith Stewart, a campaigner for Greenpeace Canada.

“We still have time to protect workers, communities and regions that currently rely on oil as we make this shift and that we will ensure that all Canadians are to thrive in the new economy with low carbon emissions. “

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