Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

FACTBOX-Banks and insurers shun Canada's oil sands

10/14/2020 | 01:10pm EST

Oct 14 (Reuters) - Canada is betting that efforts to incrementally reduce greenhouse gas emissions from its oil sands deposits will win back investors, banks and insurers who in recent years have shunned the carbon-heavy resource for environmental reasons.

Here is a look at some of the institutions with commitments and policies targeting oil sands.

* ING Groep in June 2017 updated its policy barring transactions directly linked to mining, exploration and transportation and processing of oil sands to include Canada's government-owned Trans Mountain expansion, TC Energy's Keystone XL and Enbridge's Line 3.

* BNP Paribas in October 2017 said it would not finance Arctic, tar sands, shale oil or shale gas projects.

* Societe Generale SA in December 2017 said it would no longer finance the production of oil from tar sands.

* Insurer Axa SA in December 2017 said it would phase out coverage of oil sands businesses.

* HSBC in April 2018 said it would no longer provide project finance for new oil sands projects, including pipelines.

* Royal Bank of Scotland in May 2018 said it would not finance oil sands projects.

* Sweden’s central bank in November 2019 sold bonds issued by the Canadian province of Alberta.

* UBS in March said it would not finance new oil sands projects.

* Norges Bank in May said in would exclude several Canadian oil sands producers from the country's $1 trillion wealth fund.

* Mitsubishi UFJ Financial Group in May put oil sands extraction on its "restricted transaction" list.

* Deutsche Bank in July said it would no longer finance new oil sands projects, including exploration, production, transport or processing.

* Insurer Zurich decided not renew coverage for the Canadian government's Trans Mountain oil pipeline, a spokeswoman for the project said in July.

* Dutch asset manager Robeco in September said it would exclude Suncor, Canadian Natural Resources and others from sustainability funds. (Reporting by Jeff Lewis; editing by David Gregorio)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AXA 0.91% 19.87 Real-time Quote.-20.87%
BNP PARIBAS 0.05% 43.755 Real-time Quote.-17.18%
HSBC HOLDINGS PLC -0.34% 398.3 Delayed Quote.-32.71%
ING GROEP N.V. -2.67% 8.37 Delayed Quote.-21.69%
MITSUBISHI UFJ FINANCIAL GROUP, INC. 0.34% 473 End-of-day quote.-20.26%
SOCIÉTÉ GÉNÉRALE 0.93% 17.4 Real-time Quote.-43.90%
ZURICH INSURANCE GROUP LTD 0.03% 377.9 Delayed Quote.-4.86%
Latest news "Economy & Forex"
05:19pUtilities Flat Amid Defensive Demand -- Utilities Roundup
DJ
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:13pCommunications Services Flat Amid Deal Activity -- Communications Services Roundup
DJ
05:09pMARTIN MIDSTREAM PARTNERS L P : to Participate in Investor Conferences
PU
05:07pTech Up As Salesforce Eyes Slack Deal -- Tech Roundup
DJ
05:05pPLATINUM METALS : Reports 2020 Annual Results
PU
04:58pFinancials Down Amid Concerns About Sustainability Of Stock Gains -- Financials Roundup
DJ
04:57pConsumer Cos Fall As Covid Spike Weighs On Consumer Confidence -- Consumer Roundup
DJ
04:55pStocks dip on U.S. jobs data; dollar down, oil up
RE
Latest news "Economy & Forex"