The energy financing landscape appears to be changing, with many of the world’s largest financial institutions in North America abandoning climate change groups. The US appears to be leading the way in this regard, with many Canadian banks following suit. While it’s possible that some of this is due to the changing political landscape in the US, it’s also possible that many of these institutions are simply taking the practical approach to financing energy projects, understanding that global energy demand is growing and that most likely ALL types of energy will be required to satisfy the ever growing demand.
For most countries, it would not be a political statement to say that energy security and energy affordability should be a priority. We want the light to come on when we flick the switch, we want the furnace to come on in our house when it’s cold out, and we want to be able to afford the costs. We also want the cleanest energy sources possible, but there needs to be a balance between continually increasing energy needs, our desire for the cleanest energy possible and our requirement for that energy to be reliable at all times.
The two Reuters articles below mention the US Federal Reserve and the various Canadian and US banks that have backed out of climate groups in recent days:
Top Canadian banks quit global climate coalition ahead of Trump inauguration | Reuters
Federal Reserve withdraws from global regulatory climate change group | Reuters
