“This is a major victory for Indigenous resistance and the climate. Trudeau needs to stop supporting this risky project immediately, and end all fossil fuel subsidies,” said Kyle Gracey of OCI.
A group of environmental and financial organizations representing over 7,600,000 members and supporters announced the launch of the DivestMVP coalition to highlight the financial instability of the fracked gas Mountain Valley Pipeline.
Today across the nation, activists in 60 cities and 25 states plan to utilize COVID-safe and creative ways to deliver letters calling on major banks to distance themselves from the funding of the toxic Keystone XL and Enbridge’s Line 3 tar sands pipelines.
“If banks won’t stop funding climate devastation, our government must force their hand, and Senator Merkley’s bills would force the action we need,” said David Turnbull of Oil Change International.
Environmentalists are blasting attempts by oil and gas companies to hijack the Fed’s Main Street Lending Program in order to pay down their debt — debt that began skyrocketing long before the coronavirus impacted the industry.
“Allowing private banks to start an unholy marriage with bankrupt fossil fuel companies would be a catastrophic mistake for communities and climate,” said Collin Rees
Today, Norway announced plans to divest from roughly 150 companies engaged in oil and gas exploration and production. Our response.
FOR IMMEDIATE RELEASE April 16, 2018 US Commercial Banks In For a Spring of Fossil Fuel Resistance US commercial banks are gearing up for their annual general meetings, starting as early as this week, but they’re not alone in making plans for AGM season. A growing number of concerned communities and organizations are planning a … Read More
FOR IMMEDIATE RELEASE April 12, 2018 US Bank Raises $2 Billion in Oil and Gas Pipeline Finance Since Pledge to Stop Pipeline Financing Since revising its environmental policy last year, US Bank financed more than $2 billion to companies building oil and gas pipelines, including an estimated $480 million to Energy Transfer Partners, new analysis … Read More
The report finds that major private banks funneled $115 billion into extreme fossil fuels in 2017, an increase of 11% from 2016. The single biggest driver of the increase in financing came from the tar sands sector, where financing grew by 111% from 2016 to 2017.