By Christopher Flavelle, The New York Times
Highlights:
Due to pressure from shareholders and environmental activists, financial institutions and insurance companies are no longer investing in oil production taking place in Alberta, Canada.
- Though divestment promises have been made, oil extraction from the province increased last year
- Local Canadian banks and pension funds are still lending money for oil extraction
- Some of the same companies pulling away from oil sands are continuing to invest in oil projects in other countries
- Alberta’s government considers the divestment an attack on their industry and will “punish” companies that have stopped financing oil extraction
- Moody’s credit rating agency downgraded the creditworthiness of Alberta’s debt to its lowest level in 20 years
- Oil sands extraction is energy-intensive and leads to about 70% more greenhouse gas generation per unit of energy on average
The Climate Center supports divestment to help speed up and scale up greenhouse gas reductions.
Read More: https://www.nytimes.com/2020/02/12/climate/blackrock-oil-sands-alberta-financing.html
Nina Turner
Energy Programs and Communications CoordinatorJanina is a graduate of the Energy Management and Design program at Sonoma State University with experience in non-profits that specialize in sustainability and volunteerism.
