ING Bank refuses to back tar sands pipelines

Mark Calzavara
3 years ago

A Reuters news story says ING Bank is refusing to finance Canadian pipeline and tar sands projects due to concerns over climate change and First Nations rights. 

"Dutch lender ING Groep NV has said it would not finance any of Canada's major pipeline projects, including TransCanada Corp's Keystone XL and Energy East and Enbridge Inc's Line 3, after pressure from activists." 

The article continues...

"Processing oil sands is known to be energy intensive, producing significant greenhouse gas emissions," the bank said in an undated statement this week on its website. "This is in addition to potential social impacts, such as on the local native tribes historically using the land. 

ING's decision comes after Sweden's largest national pension fund, AP7, sold investments in six companies in June that it says violate the Paris climate agreement, including TransCanada, in a decision environmentalists believe is the first of its kind."

Last month, the Council of Canadians presented over 8,000 letters from supporters to the Canadian Pension Plan Investment Board telling them not to invest in the Kinder Morgan pipeline stock offering. The CPPIB has declined to say if they purchased any of the stock at this point. 

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