B.C. First Nation, UBCIC urges banks to stop financing Trans Mountain expansion project
A coalition of First Nations groups are calling on Canada’s six largest banks to cease lending funds to the Trans Mountain expansion project .
In a letter to RBC, included within a statement released April 19, the Nation said the bank’s involvement with the project is a violation of the rights and interests of Indigenous communities—one that contradicts their own public commitments to reconciliation and addressing climate change. If granted, the funding would mark the second time Canadian banks have fronted large sums to finish the pipeline expansion. Financial support was given last year, when Trans Mountain announced the estimated cost of the project had grown to $21.4 billion, a four-fold increase in cost since the project was purchased by Canada in 2018 for $4.5 billion.
The letter noted the loan would expose the public to further potential losses, with Canadians likely to lose “tens of billions of dollars” on the pipeline and tanker project. “There isn’t even a good business case for their actions. The banks are losing money for their shareholders to prop up a costly, devastating and archaic oil pipeline project.”
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