Citi Needs an Intervention

Addiction – noun \ə-ˈdik-shən, a-\: persistent compulsive use of a substance known by the user to be harmful. (Merriam-Webster) Citi has a problem. Despite renewing its vows in 2009 to tackle “Environmental and Social Risk Management,” including mountaintop removal coal mining, Citi is relapsing into fossil fuel addiction. Last year, Citi raised more than $34 [...]

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Keystone XL Won’t Decrease “Unfriendly” Oil Imports Either

Yesterday, AP reported that the proposed Keystone XL tar sands pipeline to Texas won’t decrease gas prices (I broke that story last month, but who’s counting). In fact, a report commissioned by pipeline sponsor TransCanada now shows that connecting tar sands producers with Gulf Coast refiners actually pushes gas prices up for everybody. That same [...]

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HSBC Takes a Step Away from Tar Sands

This week, HSBC became the second international bank in as many months to take a step away from financing in the Tar Sands. The bank hinted in press reports last year that it was reviewing its tar sands business. Now the London-based bank has come through. In a post to its website, the bank quietly [...]

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