After 20 years of doing business with TD Bank, an SFU professor has severed ties with the financial institution in protest of Kinder Morgan’s Trans Mountain expansion project.
TD is one of the major banks (Scotiabank, CIBC and RBC among others) that agreed to underwrite the $7.4-billion pipeline project.
Bob Hackett, who teaches communications at Simon Fraser University, met with the branch manager of the 329 North Rd. location on Nov. 21 to cancel his services.
“It’s a question of trying to send a message, basically, that we don’t want our money or anybody’s money being used to finance the Kinder Morgan pipeline, for all the reasons so many people oppose it – everything from the risk of oil spills to global climate change,” Hackett, also a member of Burnaby Residents Opposing Kinder Morgan Expansion, told the NOW, adding he’s also pulling out of Scotiabank.
The professor wants others do the same, he said, to “make clear” there’s financial consequences associated with supporting Alberta’s tar sands.
“(There’s) also a reputational cost. Companies and banks do value their reputation, and if they claim their commitment is to the environment, how do square that with expanding the Alberta tar sands?” said Hackett.
He encouraged the public to support other institutions like Vancity – that aren’t tied to the pipeline.
“It’s an easy step for people to take,” he said.
In an emailed statement, TD spokesperson Jeff Meerman said the bank appreciates the “diverse views” Canadians have about energy development.
“TD is actively supporting the transition to a lower carbon economy, committing over $12 billion to date in financing and investments. That said, TD is also aware that Canadians will rely on conventional energy sources for several more decades to sustain our economy, create jobs and support a standard of living for our customers and communities,” he wrote. “While Canada is transitioning to cleaner energy sources, TD believes that responsible natural resource development must balance environmental, social and economic considerations. The companies that TD finances are required to have strong policies and processes that comply with – and where necessary, go beyond – government regulations.”
