Des­jardins may sus­pend loans for en­ergy pipe­lines

The Star Early Edition - - INTERNATIONAL -

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.

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