For Troubled Oilsands, Canada’s Big Banks Are Vital Allies | The Tyee
CIBC, RBC, TD and Bank of Montreal didn’t respond to The Tyee’s request for comment. A spokesperson for Scotiabank wrote “Unfortunately [we] will pass on the opportunity to comment.”
The financial assistance provided by these banks is crucial for the oil industry’s ability to survive this crisis — and potentially recover. “The banks are supporting these oilsands companies every step of the way,” said Alison Kirsch, climate and energy researcher for the Rainforest Action Network, a watchdog group that’s tracked the relationship between Canadian banks and oilsands. “They’re supporting them in good times and in bad, and that’s what’s enabling them to dig up this dirty oil and get it to market.”