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Home › Dodgy Deals ›
Dodgy Deal
Canadian tar sandsCanada

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Contact:

climate@banktrack.org

Last update: 2015-11-01 14:53:10
Photo: -

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Contact:

climate@banktrack.org

Last update: 2015-11-01 14:53:10
Why this profile?

What must happen

  1. Require clients to provide evidence of Free Prior Informed Consent (FPIC) from First Nations on projects and activities affecting their communities. FPIC reflects international law, minimizes conflict, and was adopted by TD Bank Financial Group as part of its Environmental Management Framework in 2007.
  2. Phase out financing and advisory to projects related to oil sands, which adversely impact, in a non-reversible manner, critical natural habitats or freshwater resources used for drinking water. French bank Dexia adopted this global best practice as a part of its Energy Sector Guidelines for project finance, in 2008.
  3. Develop an action plan to reduce financed emissions of climate change pollution related to lending activities.
About
Sectors Oil and Gas Extraction
Location

In the Canadian Boreal forest just downstream of the eastern foothills of the Rocky Mountains are the Canadian tar sands. The region contains some 2 trillion barrels of oil, but getting to it will mean destroying an area larger than the state of Florida.

Tar sands consist of heavy crude oil mixed with sand, clay and bitumen. Extraction entails burning natural gas to generate enough heat and steam to liquify the oil in order to extract it. As many as five barrels of water are needed to produce a single barrel of oil.

Tar sands oil is the worst type of oil for the climate. The production of a barrel of tar sands oil produces about three times as much CO2 compared to the production of conventional oil, because of the energy required to extract and process tar sands oil. Communities downstream from the tar sands mines report elevated levels of cancer that they blame on toxic contamination of the Athabasca River.

Impacts

Social and human rights impacts

In Canada, the toxic burden on communities near the tar sands is already enormous. In addition to direct human exposure, oil contamination in the local watershed has led to arsenic in moose meat — a dietary staple for First Nations peoples — up to 33 times acceptable levels. Deformed fish have been found in nearby Lake Athabasca; drinking water has been contaminated; and a huge swath of the vibrant Boreal forest is being transformed into a toxic moonscape. One of the largest dams in the world is restraining a giant reservoir filled with toxic sludge from processing tar sands into oil.

Processing tar sands oil means more asthma and respiratory diseases, more cancer, and more cardiovascular problems. Contaminated wastewater, containing arsenic, mercury and various carcinogens, has already been linked to elevated rates of cancer in downstream First Nations communities.

Communities including the Athabasca Chipewyan, Mikisew Cree, Chipewyan Prairie Dene, Woodland Cree, Beaver Lake Cree, and Fort Mackay First Nations have all filed lawsuits over runaway tar sands developments. Failure to obtain free, prior and informed consent of these communities creates substantial material risks to continued development in the tar sands.


Environmental and climate impacts

Greenhouse gas emissions
It takes around 3 times as much energy to produce a barrel of oil from tar sands as it does for typical oil extraction (85.5kg CO2 per barrel compared to 28.6kg CO2). The expansion of oil sands is the fastest growing contributor to Canada's greenhouse gas emissions, yet the Canadian government is failing to regulate its carbon emissions effectively with absolute targets. Canada is set to miss its Kyoto targets.

Technological solutions such as carbon capture and storage are still years away, yet the companies are seeking licenses to increase carbon emissions at a time when the scientific community agrees the developed world needs to cut emissions.

Forests & Water
The oil sands reserves cover an area of 140,000km2 of the boreal forest - equivalent  to 25% of Alberta (approximately the size of France). The extraction of oil sands requires huge impacts above the ground with survey lines, mines, processing plants, pipelines and drilling sites. Oil sands mining has left swathes of forest removed, fragmenting the habitat of the native caribou. Companies have promised to restore the habitat, but only 104 ha of land has been certified as reclaimed.

Tar sands require from 2 to 4.5 barrels of water to produce a barrel of oil.  The Athabasca river cannot supply the quantities of water required for the proposed expansion, and the ecological viability of the river is already threatened.

The waste water is so toxic it has to be stored in tailings ponds that threaten leaks into the river. Concerns have been raised by the First Nations indigenous communities that live downstream about serious health problems they fear are linked to contaminated water and fish.

Financiers
Institution type
Finance type
Year

All data above are derived from Bloomberg in 2009. They have not been updated since then and therefore only provide a snapshot of the situation in 2009.

Companies

Athabasca Oil Sands Corp

Canada
Website

Baytex Energy Trust

Canada
Website

Black Rock

- international -
Website

Bonavista Energy Trust

Canada
Website

BP

United Kingdom
Website

Bronco Energy Ltd

United States
Website

Canadian Oil Sands Trust

Canada
Website

CanWest Petroleum Corp

Canada
Website

Cenovus

Canada
Website

Chevron

United States
Website

China Investment Corporation

China
Website

China National Petroleum Corporation (CNPC)

China
Profile
Website

CNRL

Canada
Website

Connacher

Canada
Website

ConocoPhillips

United States
Website

Devon

United States
Website

Enbridge

Canada
Profile
Website

EnCana

Canada
Website

Enerplus Resources Fund

Canada
Website

ExxonMobil

United States
Profile
Website

Harvest Energy Trust

Canada
Website

Husky Energy

Canada
Website

Imperial Oil

Canada
Website

Inter Pipeline Fund

Canada
Website

JACOS

Canada
Website

Kinder Morgan Energy Partners LP

United States
Website

Koch Resources LLC

United States
Website

Korea National Oil Corp

South Korea
Website

Marathon Oil Corp

United States
Website

MEG Energy

Canada
Website

Mocal Energy Ltd

Japan
Website

Murphy Oil Corp

United States
Website

Nexen

Canada

Nippon Oil Corp

Japan
Website

Occidental Petroleum Corp

United States
Website

Oilsands Quest Inc

Canada
Website

Opti Canada

Canada
Website

Orion Energy

United States
Website

Paramount Resources Ltd

Canada
Website

Pembina Pipeline Income Fund

Canada
Website

Pengrowth Energy Trust

Canada
Website

Penn West Energy Trust

Canada
Website

Petro-Canada

Canada
Website

Petrobank Energy & Resources Ltd

Canada
Website

Shell

United Kingdom
Profile
Website

Sinopec

China
Website

Statoil Canada (second entry - use parent company profile)

Canada
Website

Suncor

Canada
Website

Syncrude

Canada
Website

Synenco

Canada
Website

TC Energy

Canada
Profile
Website

Total E&P Canada

Canada
Website

UTS Energy Corp

Canada
Website
No companies
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

JBIC and private banks must reconsider decision to finance LNG Canada project

NGOs strongly condemn JBIC’s decision to provide public finance that ignores climate crisis and rights of Indigenous peoples ahead of COP 26
2021-10-29 | 350.org Japan, Friends of the Earth Japan, JACSES, Kiko Network, Mekong Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

HSBC's shift on energy lending has Suncor throwing its toys out of the pram

But new policy is no isolated move - finance for tar sands will dry up, just as it is doing for coal.
2018-08-09 | Ryan Brightwell – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks warned of tar sands pipelines investment risks in new report

2017-10-31 | Greenpeace, Oil Change International
Blog
BankTrack news BankTrack blog Partner news Partner blog

BNP Paribas takes the global lead in excluding unconventional fossil fuels from portfolio

2017 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

New Tar Sands Impact on Climate, Air Quality Found

2016-05-25 | Climate Central
BankTrack news BankTrack blog Partner news Partner blog

Keystone XL and Galilee basin threaten to bring down the global climate talks

2014-12-10 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

After Obama Speech: TD Announces Plan to Transition Away From Investments in Keystone XL

2013-06-28
Blog
BankTrack news BankTrack blog Partner news Partner blog

President Obama rejects the Keystone XL pipeline

2012-01-18 | Washington, DC | Friends of the Earth
BankTrack news BankTrack blog Partner news Partner blog

'Girl Band' Protest at Royal Bank of Scotland sponsored low carbon investment conference

2011-09-27 | Edinburgh | Friends of the Earth Scotland
BankTrack news BankTrack blog Partner news Partner blog

Canada, EU Spar Over Climate Rule

2011-09-20 | The Wall Street Journal - Europe
BankTrack news BankTrack blog Partner news Partner blog

1,252 arrested at White House pipeline protest

2011-09-03 | Climate and Capitalism
BankTrack news BankTrack blog Partner news Partner blog

Ten Years After 9/11 – Canada’s True Cost of Oil

2011-08-20 | Canada | Huffington Post
BankTrack news BankTrack blog Partner news Partner blog

Tar sands and Canada's meddling in EU affairs

2011-07-29 | http://www.publicserviceeurope.com
BankTrack news BankTrack blog Partner news Partner blog

Keith hosts tar sands event to coincide with EU Canada trade talks

2011-07-12 | UK | /www.keithtaylormep.org.uk
BankTrack news BankTrack blog Partner news Partner blog

Oil sands activity, not wolves, threatens Canadian caribou

2011-06-22 | Canada | Los Angelas Times
BankTrack news BankTrack blog Partner news Partner blog

Barclays, HSBC and RBS linked to 'dirty financing' for fossil fuels

2011-06-14 | The Ecologist
BankTrack news BankTrack blog Partner news Partner blog

Pollution fears as UK blocks European ban on fuel from tar sands

2011-06-01 | The UK | The Independent
BankTrack news BankTrack blog Partner news Partner blog

Canada tries to hide Alberta tar sands carbon emissions

2011-06-01 | Canada | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Madagascar fears repeat of Canada's tar sands devastation

2011-06-01 | The Ecologist
BankTrack news BankTrack blog Partner news Partner blog

Canada's crude politics on oil sands

2011-05-31 | Canada and Europe | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Small First Nations EU Tour has big Impact on Investors, Shareholders, and Governments

2011-05-27 | Strasbourg, Paris, Amsterdam and Brussels | IEN, Friends of the Earth Europe and Les Amis de la Terre France
BankTrack news BankTrack blog Partner news Partner blog

Canada on secret oil offensive: documents

2011-05-25 | Canada | The Dominion
Blog
BankTrack news BankTrack blog Partner news Partner blog

First Nation Tour brings truth to France on Tar Sands Development

First Nation’s delegation spoke to EU parliamentary members, French government and French investors to address tar sands impacts on First Nation communities directly counteracting the Canadian Foreign Department’s platform on Tar Sands Development.
2011-05-20 | France | Indigenous Environmental Network - Les Amis de la Terre
BankTrack news BankTrack blog Partner news Partner blog

RBS sinking into sticky issues in tar sands

2011-04-28 | Canada | Forbes
BankTrack news BankTrack blog Partner news Partner blog

Texan Takes Fight Against Tar Sands Pipeline to Citigroup

2011-04-21 | RAN blog
Blog
BankTrack news BankTrack blog Partner news Partner blog

First Nations protest tar sands investment at Royal Bank of Scotland AGM

• New research shows that, since public bail-out in 2008, RBS has raised more than £5.6 billion for companies involved in controversial Canadian tar sands projects, £2.2 billion of which was in the last twelve months • Canadian First Nations representatives to voice opposition in person at RBS AGM
2011-04-19 | London | Platform
BankTrack news BankTrack blog Partner news Partner blog

RBS faces AGM protests over tar sands cash

2011-04-19 | The Independent
BankTrack news BankTrack blog Partner news Partner blog

RBS oil sands investments 'not sound', say greens

2011-04-19 | London | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Foes of Northern Gateway Pipeline target potential financial backers

2011-03-29 | The Globe and Mail
BankTrack news BankTrack blog Partner news Partner blog

Fund manager says Total ‘mistrusts’ tar sands debate as investors withdraw AGM resolution support

2011-03-29 | Responsible Investor
BankTrack news BankTrack blog Partner news Partner blog

No Consent? No Pipeline!

2011-03-25 | Vancouver Media Co-op
BankTrack news BankTrack blog Partner news Partner blog

Bank of Montreal Confronted on Indigenous Rights

2011-03-23 | RAN blog
Blog
BankTrack news BankTrack blog Partner news Partner blog

Protests outside treasury over RBS oil investments

2011-02-24 | London | Friends of the earth Scotland
BankTrack news BankTrack blog Partner news Partner blog

French oil giant Total facing investor resolution on tar sands

2011-02-09 | Responsible Investor
BankTrack news BankTrack blog Partner news Partner blog

HSBC takes a step away from tar sands

2011-01-26 | San Fransisco, US | Brant Olson, Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

Muck and brass

2011-01-20 | The Economist
Blog
BankTrack news BankTrack blog Partner news Partner blog

Stop Tar Sands trade talks

Trans-Atlantic civil society action targets Canada-Europe bilateral trade talks
2011-01-17 | Bruissels Belgium | Friends of the Earth Europe and partners
BankTrack news BankTrack blog Partner news Partner blog

Fraser River Indigenous Nations unite in opposition to Enbridge Pipeline Project

2011-01-06 | Common Ground
Blog
BankTrack news BankTrack blog Partner news Partner blog

RBC takes step away from tar sands

2010-12-23 | Canada | RAN
Blog
BankTrack news BankTrack blog Partner news Partner blog

Dutch unknowingly invest in extremely polluting oil production

2010-12-16 | Netherlands | Friends of the Earth Netherlands
BankTrack news BankTrack blog Partner news Partner blog

Banks grow wary of environmental risks

2010-08-31 | NY Times
BankTrack news BankTrack blog Partner news Partner blog

Decoding RBS Greenwash

2010-08-24 | RAN
Blog
BankTrack news BankTrack blog Partner news Partner blog

RBS targeted by protesters at international banking conference

Climate activists denounce bankers’ involvement in financing destructive tar sands
2010-07-13 | London | London camp for climate action
Blog
BankTrack news BankTrack blog Partner news Partner blog

RBC tables an offer on tar sands

2010-07-12 | San Franscisco | Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

BLOG WDM: Meeting with Philip Hampton, Chairman of RBS about Canadian tar sands and Vedanta Resources

2010-04-30 | Edinburgh | World Development Movement
BankTrack news BankTrack blog Partner news Partner blog

Tar sands tailings leakage subject of NAFTA complaint

Federal government failing to enforce fisheries law, submission alleges
2010-04-26
BankTrack news BankTrack blog Partner news Partner blog

BP faces investor flak over Canada tar sands project

2010-04-26 | Canada | guardian.co.uk
BankTrack news BankTrack blog Partner news Partner blog

Canada's First Nations peoples chastised Royal Bank of Canada (RY) for not doing enough to prevent

2010-03-04 | Toronto, Canada
BankTrack news BankTrack blog Partner news Partner blog

A fund for climate chaos: RBS investment in tar sand exploitation is a highly irresponsible use of public bailout money

2010-03-04 | guardian.co.uk
BankTrack news BankTrack blog Partner news Partner blog

RBS accused over funding for tar sands 'blood oil'

2010-03-02 | London | The Independent
Blog
BankTrack news BankTrack blog Partner news Partner blog

UK Taxpayers' money involved in financing controversial tar sands companies

Cashing in on Tar Sands: RBS, UK banks and Canada’s “blood oil”
2010-03-01 | London | Platform
Blog
BankTrack news BankTrack blog Partner news Partner blog

Royal Bank of Canada wins award for “most environmentally irresponsible company” at Davos

Tar sands financing causes global embarrassment for nation’s largest bank
2010-01-27 | Davos, Switzerland | Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

Canada failing on warming

2009-12-29 | Times Colonist (Victoria)
BankTrack news BankTrack blog Partner news Partner blog

UK taxpayers are funding the destruction of my homeland

2009-11-29 | guardian.co.uk
BankTrack news BankTrack blog Partner news Partner blog

MEPs appeal to companies to stop tar sand business

2009-11-11
BankTrack news BankTrack blog Partner news Partner blog

Die-In at Royal Bank of Canada Includes 100 Protesters Who Oppose the Bank’s Involvement In the Tar Sands

2009-10-27 | Ottawa, Canada
Blog
BankTrack news BankTrack blog Partner news Partner blog

Unlikely appeal to RBC first lady, Mrs. Janet Nixon, highlights bank’s involvement in tar sands

Rainforest Action Network scales 50' flagpole at RBC headquarters; asking for help from CEO's wife to stop expansion of destructive tar sands projects
2009-07-28 | Toronto | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Shifting Sands: How a changing economy could bury the tar sands industry

2009-07-01 | London | Greenpeace International
BankTrack news BankTrack blog Partner news Partner blog

Greenpeace vs the Alberta Oilsands

2009-04-11 | The Phoenix
Blog
BankTrack news BankTrack blog Partner news Partner blog

Unconventional oil could cost us the earth

New report shows that oil sands threaten climate change
2008-07-31 | London | WWF UK
BankTrack news BankTrack blog Partner news Partner blog

RBS adopts climate rhetoric while financing global warming

NGOs welcome shift to renewables but challenge continued distortion
2007-07-11 | London, Edinburgh, Utrecht | Platform
Resources
Documents
Images
Videos
Links
2013-07-26 00:00:00

Oil Sands - Sector Policy

Bank policy
2013-07-26 00:00:00 | BNP Paribas
2011-08-04 00:00:00

Canada’s dirty lobby diary

Undermining the EU Fuel Quality Directive
NGO document
2011-08-04 00:00:00 | Friends of Earth
2011-05-30 00:00:00

Marginal Oil : What is driving oil companies dirtier and deeper?

NGO document
2011-05-30 00:00:00 | Friends of the Earth Europe, Heinrich Böll Stiftung
2011-04-28 00:00:00

A forest of blue: Canada’s Boreal Forest, the world’s waterkeeper

NGO document
2011-04-28 00:00:00 | Jeffrey Wells, Dina Roberts, Peter Lee, Ryan Cheng, and Marcel Darveau
2011-04-14 00:00:00

A Risky Business: Tar Sands, Indigenous Rights and RBS

NGO document
2011-04-14 00:00:00 | Canadian Indigenous Tar Sands Campaign and UK Tar Sands Network
2011-02-08 00:00:00

Government fiction vs Tar Sands FACTS

Other document
2011-02-08 00:00:00 | Greenpeace
2010-12-09 00:00:00

Beleggingen pensioenfondsen in olie en teerzanden

NGO document
2010-12-09 00:00:00 | Milieudefensie
2010-07-01 00:00:00

Toxic fuels: toxic investments - Why we need mandatory greenhouse gas reporting

NGO document
2010-07-01 00:00:00 | WWF-UK and the Co-operative
2010-06-02 00:00:00

Bankers on Tenterhooks

Climate change: co-funded by banks operating in Belgium
NGO document
2010-06-02 00:00:00 | Netwerk Vlaanderen
2010-05-17 00:00:00

Letter from Platform et al. to RBS on CEO meeting

Correspondence
2010-05-17 00:00:00 | Platform et al.
2010-05-05 00:00:00

Tar sands: Fuelling the climate crisis, undermining EU energy security and damaging development objectives

NGO document
2010-05-05 00:00:00 | Friend of the Earth Europe
2010-03-01 00:00:00

Cashing in on tar sands, RBS, UK banks and Canada’s “blood oil”

NGO document
2010-03-01 00:00:00 | Platform et al.
2009-12-16 00:00:00

Climate Leadership, Economic Prosperity: Final report on an economic study of greenhouse gas targets and policies for Canada

Other document
2009-12-16 00:00:00 | Pembina Institute & David Suzuki Foundation
2009-07-01 00:00:00

Shifting Sands: How a changing economy could bury the tar sands industry

NGO document
2009-07-01 00:00:00 | Platform et al.
2009-01-31 00:00:00

RBC's Blue Water Problem

NGO document
2009-01-31 00:00:00 | Rainforest Action Network
2008-11-19 00:00:00

Financing Global Warming: Canadian Banks and Fossil Fuels

NGO document
2008-11-19 00:00:00 | RAN
2008-09-01 00:00:00

BP and Shell: rising risks in tar sands investments

NGO document
2008-09-01 00:00:00 | Platform et al.
2008-07-28 00:00:00

Unconventional Oil - Scraping the bottom of the barrel

NGO document
2008-07-28 00:00:00 | WWF-UK and the Co-operative

Oil sands - Alberta, Canada

2008-07-23
The boreal forest is habitat to the caribou and also a valuable carbon store Open cast extraction of oil sands Oil sands means destruction of ecosystems on a vast scale In situ extraction requires more energy and water, and still fragments the forest 400 tonne trucks extract ferry the oil sands from the mine Huge 50 sq km tailings ponds are toxic liabilities Processing plants are adjacent to the River Athabasca. The McClelland Fen is a unique patterned wetland vital for migratory birds which is under threat from oil sands expansion Indigenous First Nations communities are concerned over the impacts of toxins on fish and water quailty following high rates of rare cancers The greenhouse gas emissions from oil sands are the fastest growing contributor to Canada failing to meet its Kyoto targets
Images from the production of oil sands in Alberta, Canada

Tar Sands Action By “Gasland” Director Josh Fox

2011-08-22 10:14:48

Oil On Lubicon Land: A Photo Essay

Melina Laboucan-Massimo, a member of the Lubicon Cree First Nation and a Climate and Energy Campaigner with Greenpeace, describes the impact of oil and gas developments and the recent oil spill in the traditional territory of the Lubicon Cree in northern Alberta.
2011-06-21 14:59:21

BP and RBS targetted by Tar Sands Tour

2011-05-02 12:58:47

Video links

Dirty Oil: Dogwoof Film

World Wide Fund For Nature - Oil sands page

Indigenous Environmental Network

Pembina Institute - Oil Sands Watch

Rethink Alberta

Toxic Fuels Campaign - stop tar sands expansion

A campaign by The Co-operative Bank in partnership with WWF-UK.

Oil sands truth: shut down the tar sands

Oil Sands Truth exists to disseminate information regarding the environmental, social and economic impacts of tar sands development projects being proposed and currently in progress.
Updates

2010

2010-01-31 10:25:32 |

  • Analysts expect USD $200 billion to flow toward trebling tar sands production by 2020. 

  • Increased greenhouse gas emissions associated with tar sands development is the main reason Canada will not meet its Kyoto reduction commitments.

  • In 2010, Canada’s greenhouse gas emissions are projected be nearly 35 percent higher than 1990 levels.
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