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Desjardins temporarily suspended funding for pipeline projects on Friday and are considering no longer funding energy and pipeline projects.
Dejardins backs the Kinder Morgan pipeline and many other large jobs in Western Canada, but this project could be halted by September when Dejardins makes their final decision.
If it makes the decision permanent, that would likely mean Desjardins would not help finance other major Canadian pipelines projects, including TransCanada Corp’s Keystone XL and Energy East and Enbridge Inc’s Line 3.
Such a move would follow that of Dutch lender ING Groep NV, which has a long-standing policy of not funding projects directly related to oilsands, and is the latest sign that pipelines could have a harder time getting funding as banks face increasing pressure to back away.
Patrick Bonin, a campaigner with the environmental group Greenpeace, praised Desjardins for temporarily halting pipeline funding, but called on the lender to make it permanent and reconsider its $145 million commitment to Trans Mountain.
This is bad news, I am scheduled to work on Line 3 along with 1000’s of other people, please share this message and help us BOYCOTT Dejardins.