Name: TD Bank says it will not finance oil and gas activities in the Arctic
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TD Bank says it will not finance oil and gas activities in the Arctic

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By The Arctic Circle “is warming significantly faster than the rest of our planet, which poses the risk of increased green-house gas releases and further warming,” Canada’s second-largest bank said in a statement.The bank’s move signals the start of a shift for Canadian lenders that have largely continued to support the fossil fuel industry even as global counterparts have distanced themselves from parts of the sector.RBC also said it will limit financing for clients with significant coal-mining operations.Oil and gas loans accounted for less than 4% of business lending at Canada’s two biggest banks in the quarter through July, and a little over 1% of total loans.TD said it will support clients to capitalize on “opportunities of the low-carbon economy,” and will begin reporting progress toward its net-zero goal from 2021.Reporting By Nichola Saminather; Additional reporting by Jeff Lewis; Editing by Steve OrlofskyOur Standards:

By The Arctic Circle “is warming significantly faster than the rest of our planet, which poses the risk of increased green-house gas releases and further warming,” Canada’s second-largest bank said in a statement.The bank’s move signals the start of a shift for Canadian lenders that have largely continued to support the fossil fuel industry even as global counterparts have distanced themselves from parts of the sector.RBC also said it will limit financing for clients with significant coal-mining operations.Oil and gas loans accounted for less than 4% of business lending at Canada’s two...

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Nichola Saminather

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TD Bank says it will not finance oil and gas activities in the Arctic

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