Scotiabank's exit from CAPP is a blow to Canada's oil and gas lobby & More News Here

Scotiabank is now not a member of Canada’s largest oil and gas lobby group, leaving the group with out a single giant Canadian financial institution amongst its ranks.

The Canadian Association of Petroleum Producers, which represents dozens of fossil gas producers together with oil and gas giants like Suncor Energy and Cenovus Energy, has been ready to depend on Scotiabank as a outstanding member for years.

The sudden departure offers a blow to the oil and gas lobby group at a time when it is in search of to counter a motion of huge funding corporations that say they need to divest from fossil fuels, as a part of efforts to struggle the local weather disaster.

The financial institution has been a main financier of fossil gas tasks, rating ninth on this planet in accordance to a report from a consortium of civil society teams, at US$149 billion from 2016 to 2021. It has additionally lobbied to delay local weather transparency guidelines, pushing again on proposals to require corporations to report the carbon air pollution from their merchandise.

The oil and gas trade affiliation additionally lobbied towards proposed guidelines to power corporations to disclose their plans for coping with a future carbon-constrained world.

Over the years, the financial institution and the lobby group cast a shut relationship, with Scotiabank performing because the title sponsor of the affiliation’s annual “energy symposium.” The occasion provided alternatives for oil and gas corporations to join with buyers to fund new tasks.

At the newest Scotiabank-sponsored vitality symposium in April, audio system opined on the “significant opportunity” for fossil gas producers to export larger quantities of oil and gas “for years,” regardless of scientific proof that these merchandise want to keep within the floor if the world is to meet its emissions-reduction objectives.

Organizers additionally invited Mark Mills, a senior fellow from the right-leaning Manhattan Institute, to ship a keynote handle on the occasion. Mills, recognized for his skepticism about renewable vitality and authorities insurance policies to struggle the local weather disaster, spoke throughout a session entitled “A Reality Check in the Post-Ukraine World.”

In a July 2015 speech to the Heartland Institute, one other right-leaning U.S.-based assume tank, Mills described individuals who assume we “should go back to nature” as “whack jobs” who’re on the perimeter. He additionally stated that local weather insurance policies had been primarily based on mythology.

“There’s nothing else about climate policy other than giving money to climate scientists to genuflect to the idea that the climate apocalypse is happening,” stated Mills on the 2015 occasion in Washington, D.C.

The feedback by Mills should not per accepted scientific proof.

Governments world wide have adopted local weather insurance policies and set objectives to handle the local weather disaster primarily based on peer-reviewed scientific proof that has already confirmed sweeping adjustments to the Earth’s ecoystems, jobs and the economic system as a results of human exercise. The analysis additionally confirms that disruptions will worsen within the absence of robust measures to wean society off of fossil fuels.

Scotiabank will now not sponsor the investor symposium for the oil and gas trade sooner or later, as a results of its determination, a CAPP spokesperson confirmed to CBC News. Jay Averill instructed the general public broadcaster that the lobby group is now finalizing a accomplice for subsequent yr’s occasion.

Scotiabank urged to section out fossil gas financing

Scotiabank’s departure from the oil lobby group is “encouraging,” stated Patrick DeRochie, senior supervisor at Shift Action for Pension Wealth and Planet Health.

“I think that the financial industry needs to disassociate itself from industry associations that are actively trying to tank Canada’s climate goals, and obstruct, delay and prevent good climate policies from being put in place,” he stated.

The financial institution was an affiliate member of the affiliation. Associate members pay membership dues that differ relying on the group. In 2021, affiliate membership dues for banks and funding corporations amounted to $5,000 in accordance to an internet utility kind.

Keith Stewart, senior vitality strategist with Greenpeace Canada, stated it was “great news that Scotiabank will no longer be paying dues to the most powerful group in the country advocating against climate action.”

“But as the ninth-largest financier of fossil fuels in the world, they could have an even bigger impact if they phase out their funding of fossil fuels which are causing the climate crisis,” he added.

Scotiabank has dedicated to reducing the emissions depth from the burning of the oil and gas merchandise it funds by 15 per cent by 2030, and the emissions depth from oil and gas operations by 30 per cent by 2030.

Still, the financial institution has been criticized for not tackling absolute emissions extra broadly. It has been pressured by some shareholders to change course, however lately really useful towards insurance policies to set up annual votes on its local weather targets.

Scotiabank first confirmed its exit from the oil and gas lobby group to the Canadian Press, however didn’t present a proof as to why. A spokesperson acknowledged receipt of questions from The Narwhal however couldn’t present a solution earlier than publication. The Manhattan Institute acknowledged receipt of questions however Mills didn’t reply earlier than publication. The Canadian Association of Petroleum Producers didn’t reply to requests for remark from The Narwhal.

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Scotiabank, which served because the title sponsor of the Canadian Association of Petroleum Producers’ annual “energy symposium,” has dropped its membership within the lobby group.

Photo: Evan Buhler / Canadian Press

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