Quebec credit union Desjardins Group lifts moratorium on pipeline lending
CALGARY — A moratorium on loans for energy pipeline projects has been lifted, Desjardins Group said Wednesday, as it vowed to consider environmental, social and governance practices of clients in all future lending decisions.
The decision in July to temporarily stop pipeline loans had been applauded by environmental groups and First Nations opposed to oilsands development who urged the Quebec credit union to make the freeze permanent.
They also asked Desjardins to withdraw from pipeline lending commitments such as its $145-million stake in a loan package for Kinder Morgan Canada Ltd.’s (TSX:KML) Trans Mountain pipeline expansion project to bring more oilsands crude from Alberta to the West Coast.
But CEO Guy Cormier said in an interview Wednesday the credit union will continue to live up to its agreements with energy companies after extensive consultations with supporters and opponents of the sector over the past four months.