TRANS MOUNTAIN PIPELINE RISKS: TSLEIL-WAUTUTH NATION WARNS CANADIAN BANKS

Tsleil-Waututh Nation Sacred Trust is turning our lens towards potential buyers of the Trans Mountain pipeline project. Investing in this oil pipeline brings great risk: it infringes upon the rights of TWN, it contributes to the climate crisis, the pipeline itself is vulnerable to climate impacts as we saw this November, and with the new cost update of $21.4 billion, financial gains are doubtful. The federal government has just promised that no more public funds will be invested in the project so, last week, we sent this letter to the five major Canadian banks: CIBC, BMO, TD, RBC, and Scotiabank. These banks already have huge investments in oil and gas, contrary to many of their own existing climate and ESG (environmental, social and  governance) commitments. A decision to invest in Trans Mountain could prove costly to the banks on many levels. We await their response