Desjardins may suspend loans for energy pipelines
CANADIAN lender Desjardins is considering no longer funding energy pipelines, a spokesman said on Saturday, citing concerns about the impact such projects may have on the environment. Desjardins, the largest association of credit unions in North America, on Friday temporarily suspended lending for such projects and may make the decision permanent, said spokesman Jacques Bouchard; the lender would make a final decision in September. Dejardins, a backer of Kinder Morgan Canada Ltd’s high-profile expansion of its Trans Mountain pipeline, has been evaluating its policy for such lending for months, Bouchard said. If it makes the decision permanent, that would likely mean Desjardins would not help finance other major Canadian pipelines projects, including TransCanada Corp’s Keystone XL and Energy East and Enbridge Inc’s Line 3. Such a move would follow that of Dutch lender ING Groep NV, which has a long-standing policy of not funding projects directly related to oil sands.