Financial Times: Banks must stop funding dirty oil

“On June 1, people all over the world were united in their condemnation of Donald Trump’s xenophobic, anti-science and jobs-destroying decision to withdraw from the Paris climate accord.

Yet, at almost the exact same time, banks were deciding how many more billions they were going to pour into an outdated and regressive fossil fuel infrastructure — projects designed to ship one of the dirtiest of oils, tar sands oil, across North America.

Where is the condemnation of these disastrous decisions?

Right now, energy group Kinder Morgan is piecing together the financing to support the Trans Mountain pipeline expansion project . . . In the simplest of terms, this project is a disaster — an environmental, indigenous rights, climate change disaster. And it will be a public relations disaster for these banks as well. Kinder Morgan’s prospectus for its IPO admits that the pipeline will stir public opposition, including “blockades, injunctions, and judicial reviews”. That’s because it would wreak environmental havoc on its proposed route.” (Read More