See Full Stock Page » CALGARY — Frankfurt-based Deutsche Bank is joining a lengthening list of European lenders and insurance companies that say they won’t back new oil sands projects. The German bank said Monday its new fossil fuels policy will also prohibit investing in projects that use hydraulic fracturing or fracking in countries with scarce water supplies, and all new oil and gas projects in the Arctic region. It says its ban on oil sands financing, effective immediately, will include exploration, production, transport or processing, seemingly including oil sands pipelines and upgraders or refineries. The move was criticized by Ben Brunnen, vice-president of oil sands for the Canadian Association of Petroleum Producers in Calgary. "Canadian oil and natural gas is sustainably developed in one of the most highly regulated jurisdictions in the world and the energy sector is the county’s leading investor in environmental protection and innovation," he said in an emailed statement. "Attempts to stifle Canadian production by restricting financing can have only one effect; countries with lower environmental standards — and in many cases lower social, human rights and governance standards — will fill the void." He said an investment in Canadian energy is "a sustainable […]


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