RE:A warning to all oil and gas companies !Okay, good riddance... free markets hate a void particularly if money can be made. If banks step away private equity will be happy to step in. Also, with today's cashflows most O&G companies can choose to be debt free in a couple of years and never even have to negotiate an outstanding note.
x-x-x wrote: From the Gear energy 3rd quarter news release
"The second key reason is to reduce or eliminate risks associated with the growing trend of lenders looking to reduce their associated emissions by phasing out lending to Greenhouse Gas intensive sectors. On April 21, 2021, 43 banks from around the world announced a commitment to participate in the "Net-Zero Banking Alliance" which commits to the financial transition to a low-carbon economy and a focus by the year 2030 (or sooner) to reduce lending to the most Greenhouse Gas intensive sectors.
The implications are that this program is designed primarily to target oil and gas producers, seemingly ignoring the material achievements made to date and future emission reduction commitments.
The group has now been expanded to 69 banks and includes participation by all six of Canada's large banks. By moving to a zero net debt position, Gear will be in the enviable position of maximum flexibility in running its business in a continued ethical and responsible manner."