Details on Transcanada funding
· TransCanada is a Canadian company that manages energy infrastructure in North America, primarily involving gas pipelines in the US, Canada and Mexico, and power stations. TransCanada does not generate hydrocarbons, but transports them through pipelines, which is a less costly, less risky and less carbon-intensive distribution method than rail.
· Since 2008, TransCanada has been planning to double the existing Keystone oil pipeline (4,000 km), which transports hydrocarbons extracted from the Canadian oil sands. At its Annual General Meeting in May 2017, Crédit Agricole S.A. reiterated that it would not fund this controversial investment.
· On 6 December 2017, Crédit Agricole S.A. also announced that from then on it would exclude all infrastructure projects (and companies that depend on this type of project for the majority of their business) primarily focused on oil sands exploration or production, oil extracted from the Arctic region (off-shore and on-shore production), and shale gas or oil production involving excessive flaring or venting.
· Given that the lines of credit being renewed are short-term cash facilities and not medium- or long-term investment or equipment loans, and that transport of hydrocarbons from the oil sands accounts for less than 5% of TransCanada’s total business, Crédit Agricole S.A. is upholding its commitments and will continue to actively ensure that TransCanada incorporates all risks and opportunities associated with climate change.
* short-term loans to fund current assets