The Canadian Green Party’s parliamentary leader, Elizabeth May, said last week: “My heart bleeds for people who believe the sector is going to come back. It’s not. Oil is dead and for people in the sector, it’s very important there be just transition funds.”
tar sands
Response to Canada’s oil and gas bailout announcement
That today’s announcement does not include most of the industry’s wish list is credit to massive public outcry.
Not an April Fool’s: Canadians to fund USD $5 billion KXL pipeline in middle of global pandemic
It would make a great April Fools joke. Investing $5 billion in a product that is nearly worthless in the middle of a global pandemic, which puts communities and construction workers at risk. Make sense to you? No, of course it doesn’t. You would reply: “Don’t be so stupid! That must be a joke.”
Groups Demand Immediate Halt to All Keystone XL Activity amid Coronavirus Emergency
A broad coalition of Indigenous, landowner, environmental, and conservation groups called on TC Energy to immediately halt all activity on its Keystone XL pipeline project due to the coronavirus public health threat.Â
Response to Keystone XL subsidy announcement from Alberta
Today, the Government of Alberta announced that it would support TC Energy’s Keystone XL oil pipeline, with a direct investment of more than USD 1 billion.
Canadian crude selling for “roughly the same price as a Big Mac”
Warren Mabee, the director of the Institute for Energy and Environmental Policy at Queen’s University, said he “wouldn’t be surprised if Canadian crude prices briefly go negative – a scenario where producers are paying people to take away product.”
Response: Export Development Canada changes in the Emergency Response Act could amount to a giant oil bailout
The new measures allow for an unlimited amount of public finance to flow to Canada’s oil and gas sector at the sole discretion of the Minister of Finance.
With tar sands on “life support”, Canada prepares a multibillion bailout for oil & gas
Rather than fund a just transition, the Canadian government is “preparing a multibillion-dollar bailout package for Canada’s oil and gas sector that is expected to be unveiled early next week”.
Leading banks have poured $2.7 trillion into fossil fuels since Paris, fueling climate chaos
A new report highlights how 35 leading global banks have provided a staggering USD $2.7 trillion to fossil fuel companies since the Paris Agreement in 2015.
New Report Reveals Global Banks Funneled $2.7 Trillion into Fossil Fuels Since Paris Agreement
A new report released today by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and Sierra Club, and endorsed by over 250 organizations around the world, reveals that 35 global banks have provided USD $2.7 trillion to fossil fuel companies in the fours years since the adoption of the Paris Agreement (2016-2019).
The latest version of the most comprehensive report on global banks’ fossil fuel financing, Banking on Climate Change 2020, reveals that 35 global banks have not only been sustaining but expanding the fossil fuel sector with more than $2.7 trillion in the four years since the Paris Climate Agreement. The report finds that financial support for the fossil fuel industry has increased every year since the Paris Agreement was adopted in December 2015. The UN Intergovernmental Panel on Climate Change (IPCC) Special Report Global Warming of 1.5°C has shown that we need to rapidly reduce global carbon emissions if we are to avert the worst consequences of the climate crises. Yet Banking on Climate Change 2020 reveals that the business practices of the world’s major private-sector banks continue to drive us toward climate disaster.Â