Royal Bank of Canada – Tar Sands Financing
WHEREAS RBC’s 2009 Environmental Blueprint believes that “preservation of the environment is fundamental to the sustainability of our communities, our clients and our company.” This document recognizes that “it is of vital importance that we all contribute to efforts to reduce greenhouse gas emissions” and that “the identity, cultural beliefs and economies of some indigenous peoples are intrinsically tied to their region’s history, biodiversity and natural landscapes” and that “financial institutions should play a role in supporting efforts to address global water issues.” Notwithstanding these policy commitments, RBC is among the largest financiers of companies engaged in oil sands operations …
Tar Sands Shareholder Proposals Pick Up Steam in 2010
In a show of how seriously investors, environmentalists and advocates are looking at the environmental costs and financial uncertainties associated with tar sands, support has grown dramatically for shareholder resolutions filed at major oil companies. This movement parallels increased activity on the part of more than 50 nongovernmental organizations working to slow down the expansion of tar sands projects. Extracting oil from tar sands, also known as oil sands, is an energy-intensive and damaging process, whereby oil that is mixed with sand, clay, other mineral sediments and water is separated often using hot or warm water. The oil is either …
ConocoPhillips Shareholders Show Strong Support for Tar Sands Proposal
BOSTON – May 14, 2009. ConocoPhillips shareholders demonstrated even stronger support this year than last for a shareholder proposal calling for the company to fully account for the environmental impact of its tar sands operations. Over thirty percent (30.54%) of shareholders voted in support, compare to last year’s vote of 27.5%. The “yes” vote represented approximately $12.8 billion in share value. Shareholders owning $7.2 billion in value abstained. The proposal, filed by Trillium Asset Management Corporation (“Trillium”), Green Century Capital Management (“Green Century”), First Affirmative Financial Network and Walden Asset Management called for an independent committee of the Board to …
Investors Decry BP's Entry Into Tar Sands
INVESTORS DECRY BP’S ENTRY INTO TAR SANDS Statement to be submitted at BP annual meeting today in London Contacts: Shelley Alpern, Trillium Asset Management Corporation (617) 292-8026, x 248 Lauren Compere, Boston Common Asset Management (617) 720-5557 April 17, 2008 (Boston) – A group of American and British investors released a statement today expressing disappointment at BP’s (NYSE: BP) investment in the Canadian tar sands, calling the move a “disturbing step backwards.” A representative from the Ecumenical Council for Corporate Responsibility intends the statement at BP’s annual stockholder meeting, which is taking place today at ExCeL London in London …
Tar Sands Development Stickier Than Anticipated
In a rational global economy not entirely driven by short-term profit maximization, the collective body politic of all nations would have applied the precautionary principal to the threat of climate change twenty years ago. We’d now be celebrating the fruits of two decades of aggressive efficiency measures, phased down fossil fuel use, and the mass distribution of renewable energy technologies. Instead, we have the tar sands. Record oil prices and declining access to the oil and gas resources of nations such as Russia, Saudi Arabia, Sudan and Venezuela has led to a rush to develop Canada’s tar sands deposits. CIBC …
Recent Comments