Konaboy wrote: All the chat about pressing the explorers to push money back to shareholders ... I get it, I know that lots of folks are way underwater from March 2020, I know that general market rules suggest that once the dividend flows the SP will get boosted. But with the banishment movement gaining even more momentum, so we not need these companies to be completely self sufficient? Shunned by capital markets is one thing (you'll always find a Rothschild that wants a return), now public movement by banks.
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Canada’s six largest banks last week became the latest global financial institutions to join former central bank governor Mark Carney’s efforts to steer lending away from fossil fuels toward renewable energy investments.
By joining the United Nations-convened Net-Zero Banking Alliance, led by Mr. Carney, the UN special envoy on climate action and finance, the big six banks formally committed to shifting their lending away from projects and activities that generate greenhouse gas emissions “to align with pathways to net zero by mid-century, or sooner.”
While RBC, TD, CIBC, BMO, Scotiabank and National Bank did not explicitly commit to divesting from the oil and gas sector, their move to join the NZBA ahead of next month’s COP26 climate conference in Glasgow puts them in step with their peers in the developed world in pledging reduced investment in fossil fuels in the face of pressure from shareholders and environmental activists.