Recently, HSBC, an international bank, made a decision to no longer supply financing to new Canadian oil sands projects and pipelines.
Meanwhile, they continue to offer investment funds in Russian equities to Canadian clients. These funds are weighted more than 40 per cent to Russian energy, with holdings in Gazprom, Lukoil and Rosneft - energy brands associated more with oligarchs than leaders in responsible energy development.
This isn’t right.
Attempts to stifle Canadian oil and natural gas production through duplicative and inefficient regulation, pipeline obstruction or – in this case – restrictions to financing can have only one effect: countries with much lower environmental standards will fill the void left by Canada, only too happy to meet global energy demand with their products.
In 2014, Canadian businesses reported spending $11.8 billion on environmental protection. $6.5 billion was spent by the oil and natural gas industry. By law, all lands disturbed by oil sands operations must be reclaimed.
In good faith, Canada’s oil and gas industry continues to grow its strong record of environmental stewardship, adherence to stringent regulations and commitment to technological innovation. We have no apologies to make about our world-leading environmental credentials.
By targeting Canada and not these regimes, it’s clear HSBC’s move to try and stifle Canadian oil has very little to do with any commitment to the environment and is sorely misguided.
If you agree, send a letter to HSBC today telling them you don’t approve of their attack on an industry that provides hundreds of thousands of jobs for Canadians.