This past July Desjardins announced a moratorium investment in, and financing of oil pipeline. This decision reflects a growing movement pushing the financial sector to cut times with Big Oil.
And it is gaining traction.
According to a recent report, Banking on Climate Change, the world’s biggest banks have reduced lending to extreme energy projects such as coal, tar sands, LNG and offshore drilling, by billions of dollars.
Desjardins is deciding whether to make their ban permanent by September 29th. Doing so will impact Kinder Morgan (Desjardins has a $145 million commitment to the project they need to drop) and is more bad news for Energy East.