This is a news compilation setting the record straight on the day’s top anti-oil and gas stories and providing research and facts to counter misinformation about the oil and gas industry.
Major German bank virtue signals with ‘no more investment in oil sands’ proclamation.
Canada has the highest ESG rating of major oil-producing countries. Not investing in Canadian oil and gas means investing somewhere with less strenuous regulation.
- This report from the Bank of Montreal shows that Canada sits at the top of environmental, social, and governance ratings. We beat out countries like the U.S., Saudi Arabia, Russia, Iran and Venezuela
- Deutsche Bank has already shown that they don’t care about ESG rankings as they continue to work with countries Saudi Arabia to help fund their oil and gas production.https://www.reuters.com/article/us-saudi-aramco-banks/saudi-aramco-hires-ubs-deutsche-as-bookrunners-for-its-ipo-sources-idUSKBN1W608C
- Canada’s oil sands production has already made great strides in reducing GHG intensity. From 2009 to 2017, GHG intensity has decreased by 21%. IHS Markit reports that it expects GHG intensity to drop even more, by 16 to 23% in 2030.https://www.cbc.ca/news/canada/calgary/alberta-oilsands-emissions-intensity-drop-1.4822981
Here are some stories that get it right, or mostly right.
At a time when unemployment is rising, Energy projects have been a saving grace. LNG Canada is expecting to employ 4,500 workers at peak construction with a current workforce of around 1,600. Coastal GasLink currently employs 600 workers and is expecting 2,500 at its peak. LNG Canada’s impact is expected to be around 0.3-0.5% of B.C.’s GDP.