Baytex Energy Corp T.BTE

US Banks starting to question the green alliance

[JohnnyDoe]

Interesting article. Might be the start of the end for the Esg craze. Unattainable targets creating potential downstream financial risks
Financial Post: 'Immoral and irresponsible': U.S. banks threaten to leave Mark Carney's green alliance over legal risks. https://financialpost.com/fp-finance/banking/banks-threaten-leave-mark-carneys-green-alliance-over-legal-risks

[HighOctane89]

Yes Johnny , its a good read . Nothing like the threat of being sued to wake people up , banks are financial institutions , not climate cops . While bringing in the lawyers will get peoples attention , a cold condo or empty gas tank will shock people awake far faster . Until the powers that be admit they have no transition plan and need to maintain enough O&G production to keep the lights on

[JohnnyDoe]

I think the best hope to avert this crisis is citizens feeling a bit fed up coupled with industry telling government what is achievable and government listening. Government at least in Canada has been a nanny state throughout the Trudeau years. That needs to end.

[Stockhudson]

yes Manual Life and Sun Life are getting pressure as well   

[HighOctane89]

You know , I've been looking this article again and reading between the lines for what is really being said . Banks have more lawyers on staff than tellers , they can tie anyone up in court for years before you ever even get a trial date . I just don't see "the fear" of the bank being sued as any motivation , especially if there is money to be made . Think about that for a minute

[JohnnyDoe]

he's in the world's most litigious society. If he sees a potential threat from being sued, as a Canadian just because I don't see it I won't question it banks thrive in thriving economies. Energy starved economies don't thrive. I think this is the start of corporate pushback against government stupidity

[GingerEnergy111]

Certainly hope so.  Probably the trigger is also the rise in bank overnight lending rates. This causes them to be on the wrong side as most of their loans are for lower rates yet they have to keep raising savings/interest rates.  Luckily most clients are leveraged to some extent.  The ones who have been prudent will be rewarded - but thats another topic. Money talks and BS (comes

[HighOctane89]

Here's the glaring difference between the US and Canada , US banks want out of the "green alliance" while TD forms a Carbon Advisory Unit . Maybe someone in the states can sue TD for just being stupid !!!!