'Once again, we see that Canadian banks are leading the world in financing climate-destructive, Indigenous rights-violating projects like the Trans Mountain pipeline,' laments standearth's R_BrooksStand.
"Once again, we see that Canadian banks are leading the world in financing climate-destructive, Indigenous rights-violating projects," said one campaigner.
"Our big fossil banks and the federal government have been working in tandem for a long time behind the scenes."that the banks—TD Securities, RBC Capital Markets, Canadian Imperial Bank of Commerce, BMO Capital Markets, Scotiabank, and National Bank of Canada—quietly agreed last month to lend CAD $10 billion to Trans Mountain Corporation after the country's Department of Finance guaranteed taxpayers would foot the bill if anything went wrong.to confirm who is behind the loan.
"Once again, we see that Canadian banks are leading the world in financing climate-destructive, Indigenous rights-violating projects like the Trans Mountain pipeline and tanker project," Stand.earth climate finance director Richard Brooks said in a statement.
The approximately 1,150-kilometer pipeline, which was completed in 1953, is owned by the Canadian government through its Trans Mountain Corporation and carries crude oil from the tar sands of Alberta to the British Columbian coast. Tar sands oil is often called theThe expansion will add 980 kilometers of new pipeline, nearly tripling its carrying capacity from 300,000 to 890,000 barrels per day,
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