By Canadian Press

Northern Indigenous leaders meet with banks over investment in Arctic energy

Dec 17, 2019 | 10:29 AM

TORONTO — Yukon First Nation leaders are meeting with bankers in Toronto today to try to persuade them not to invest in energy development on the range of a vital caribou herd.

The United States government is about to sell exploration leases on the calving grounds of the Porcupine caribou herd, which crosses the border into Canada from Alaska.

Gwich’In in Yukon and Alaska have long fought repeated attempts at oil exploration that would affect the herd, which they say is crucial to their way of life.

The Yukon group is to meet with representatives of RBC, Scotiabank, TD Canada Trust and CIBC.

Research from an environmental group indicates all four have investments in Arctic energy development.

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TD Canada Trust is the largest investor at about $400 million.

On Monday, the major U.S. investment bank Goldman Sachs announced it would not invest in Arctic energy exploration.

Several other international banks have made similar announcements.

This report by The Canadian Press was first published Dec. 17, 2019.

The Canadian Press