ING Bank Says It Will Not Finance Major Canadian Pipeline Projects

ING Bank Says It Will Not Finance Major Canadian Pipeline Projects

Dutch lender ING Groep NV has said it would not finance any of Canada’s major pipeline projects, including TransCanada Corp’s Keystone XL and Energy East and Enbridge Inc’s Line 3, after pressure from activists.

The move came after ING earlier this month publicly disavowed Kinder Morgan Canada Ltd’s Trans Mountain expansion project, but did not name any other Canadian projects.

While ING has a policy of not financing the extraction of oil sands globally, it had been unclear whether that included the Canadian pipelines. ING said it wanted to clarify its position after being targeted in June by activists who asked the bank to back away from Trans Mountain. Read More…

 

Credit By : Dna India

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