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May 11, 2022

Scotiabank no longer a member of oil and gas lobby group CAPP

Canadian banks are shut for debt financing smaller oil and gas companies: Sayer Energy Advisors

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Scotiabank is no longer a member of the oil and gas lobby group Canadian Association of Petroleum Producers. 

The bank has had a long-running relationship with CAPP and was the title sponsor of the group's annual energy symposium for many years.

Scotiabank declined to provide a reason for its exit, but confirmed in an email that it did not renew its associate membership in CAPP in 2022.

Scotiabank was the only major Canadian bank to hold a membership in CAPP. 

At its most recent annual general meeting last month, Scotiabank came under fire from shareholders for not moving fast enough on climate change.

Greenpeace activists also attempted to disrupt the meeting, criticizing Scotiabank for its membership in CAPP and its financing of the fossil fuels sector.