Scotiabank to Withhold Development Financing in ANWR

Monday, 14 December 2020 10:56

Scotiabank pledged today to withhold financing for oil and gas extraction in the Arctic National Wildlife Refuge. Scotiabank’s announcement means that all of Canada’s “Big Five” banks now have policies prohibiting funding for Arctic Refuge drilling. Dozens of banks from around the world have also refused to fund oil and gas development there, meaning that oil companies may be unable to finance drilling in the Arctic Refuge, even if they are successful in acquiring leases before the new administration takes over.

Scotiabank’s policy confirms that “Scotiabank will not provide direct financing or project-specific financial and advisory services for activities that are directly related to the exploration, development or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge.” The move follows meetings last December between Canada’s largest banks and representatives from the Vuntut Gwitchin First Nation, Gwich’in Tribal Council and the Yukon Chapter of the Canadian Parks and Wilderness Society (CPAWS Yukon).

The Gwich’in know the Arctic National Wildlife Refuge as “The Sacred Place Where Life Begins.” It is the calving grounds of the Porcupine caribou herd, which in turn sustains Gwich’in communities across northern Yukon, NWT and Alaska. The U.S. Government is rushing to auction the Arctic Refuge to oil companies, in spite of multiple lawsuits challenging the legality of their leasing program. The U.S. Government recently invited oil companies to bid on land parcels in the Arctic Refuge, ahead of a lease sale on January 6th.

“Canada’s banks have shown courage and leadership by standing in unison to help protect the Arctic Refuge,” says Chris Rider, Executive Director of CPAWS Yukon. “They have shown how important the Arctic Refuge is to Canada, and it should give pause to any company considering drilling there.” The consensus among Canadian banks on protecting the Arctic Refuge adds to the support from all orders of government in Canada. Yukon Environment Minister Pauline Frost and federal Environment Minister Jonathan Wilkinson recently released statements reaffirming their opposition to industrial activity in the Arctic Refuge.

“The next few months are critical to the future of the Arctic Refuge,” said Malkolm Boothroyd, Campaigns Coordinator at CPAWS Yukon. “The outgoing administration in the United States is bent on auctioning the Arctic Refuge to oil companies, even if it’s their last act in office. Canada needs to tell the incoming administration that protecting the Arctic Refuge should be a Day One priority.”

More from CHON-FM Northern News

Daughter demands answers after second family member dies at 405 Alexander

Bailey's biological father also died at the shelter in 2021, and she claims that the shelter's staff provided conflicting accounts of the circumstances surrounding the death of her stepfather.
Yukon Risks Blackouts This Winter as Hydro Power Plant Undergoes Repairs

The Aishihik turbine was critically damaged in October, and repair work is not expected to be completed until spring.
YUKON'S SPEAKER DEMANDS ANSWERS FROM HIS OWN LIBERAL GOVERNMENT ABOUT POLITICAL INTERFERENCE WITH ELECTIONS YUKON AND TWO OTHER OVERSIGHT BODIES

Following complaints, Speaker Jeremy Harper writes to Sandy Silver to ask why the government is interfering with Elections Yukon, Yukon Child and Youth Advocate Office, and the office of the Yukon Ombudsman
Liard First Nation chief has lost confidence, been suspended by his community

LFN citizens who attended a public meeting Tuesday in Watson Lake overwhelmingly sided with the Deputy Chief and Council members who drafted a resolution to have Chief Stephen Charlie suspended from his duties
Liard First Nation Employees Fired After Advocating for Change

Emeral Poppe and Diana Lee Jimmy have been vocal advocates for change within Liard First Nation, raising concerns over transparency.
YFNED kicks off fifth-annual winter hamper program

"We try to support local as much as we can." - YFNED Acting Director of First Nation Initiatives Kim Rumley
Broken generator at Aishihik Generating Station puts pressure on the Yukon's electricity grid

The 12-megawatt generator failed due to a part malfunction, according to the Yukon Energy Corporation
Intergovernmental Forum takes place in Ottawa - not Yukon - for second year running

Forum discussed collaborative approaches to funding the implementation of Final and Self-Government Agreements.
Suspected contamination at the abandoned Wolverine Mine: Yukon government

The Yukon government has been addressing water treatment issues at the site since the mine's abandonment in 2015
Food For Fines Campaign Returns to Whitehors

Eligible tickets include: Expired parking meter fines, and Two-hour zone fines.
Yukon First Nations leadership and Yukon government leadership meet for 30th Yukon Forum

This was the third Yukon Forum of 2024. The last will be the Intergovernmental Forum in Ottawa in December.
Shot in the Dark Productions premiered two films at the Yukon Arts Centre

Shot in the Dark Productions believes puppets can captivate both children and adults, conveying important environmental science themes through entertainment.
Former Connective staff acquitted of sexual assault and exploitation charges

Judge Gurmail Gill found Omale not guilty due to inconsistencies in the complainant's testimony and lack of forensic evidence.
Whitehorse RCMP officers to start using body-worn cameras

The Yukon RCMP adopts body-worn cameras to bolster trust, accountability, and transparency in its community services
Whitehorse Community Thrift Store volunteers stop work following store manager's termination by its board of directors.

Thrift store society founder Karen Weinberg says the manager was fired for raising safety concerns.
Trʼondëk Hwëchʼin, Yukon NDP blast Yukon government for delays in Dawson Regional Land Use Plan

“Every day this plan doesn’t get done is another day of status quo for the mining industry. It’s starting to feel like this is by design.” - Yukon NDP Leader Kate White
Newly elected Whitehorse Mayor and Council sworn into office

Mayor Kirk Cameron and Councillors Anne Middler, Dan Boyd, Lenore Morris, Eileen Melynchuk, Jenny Hamilton, and Paolo Gallina have taken their oaths of office.
2024 Yukon River fall chum salmon run records dismal numbers

The Porcupine River revealed alarmingly low numbers, with 16,275 and 8,368 fish recorded
Trial of Former Connective residential support worker accused of sexually assaulting a vulnerable client commenced in Whitehorse territorial court on Monday.

Omale, 38 has pleaded not guilty to charges of sexual assault and sexual exploitation of a person with a disability stemming from September 2023.
Whitehorse residents join Yukon Anti-Poverty Coalition's Actions for Accountability Rally

Dozens of people marked Poverty and Homelessness Accountability week with a walk to the Jim Smith building, where the mother of a homeless man spent the night camping in the parking lot.