RE:A warning to all oil and gas companies !This is the exact reason I've said before that these companies paying down debt is the best thing they can do.. eliminate the need for the banks and self fund their own activity.. pass the interest savings to the shareholders and screw the bankers.. ;-) 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."