Deutsche Bank has gained a reputation for channeling sketchy money to dodgy borrowers. When DB turns its nose up at you, you have a real problem, probably more than one.
Frankfurt-based Deutsche Bank is joining a lengthening list of European lenders and insurance companies that say they won't back new oilsands projects.
The German bank said Monday its new fossil fuels policy will also prohibit investing in projects that use hydraulic fracturing or fracking in countries with scarce water supplies, and all new oil and gas projects in the Arctic region.
It says its ban on oilsands financing, effective immediately, will include exploration, production, transport or processing, seemingly including oilsands pipelines and upgraders or refineries.The Canadian Association of Oil Producers responded with threats to destroy the world.
"Attempts to stifle Canadian production by restricting financing can have only one effect; countries with lower environmental standards — and in many cases lower social, human rights and governance standards — will fill the void."