KNOC bond clashed with banks’ own climate policies, NGO charges

Tar sands oil Canada Alberta from Alamy 31Mar21 575x375
By Jon Hay
30 Mar 2021

An environmental activist institute has argued that the bookrunners of a Korea National Oil Corp $700m bond priced on Tuesday are being inconsistent with their own climate policies, and might even be taking legal risks, because of the issuer's exposure to tar sands oil production in Canada.

The protest came as pressure is building on the tar sands industry in Alberta. Environmentalists have long campaigned against tar sands because they produce even higher carbon dioxide emissions than ordinary oil production, and often damage a wide area of the landscape.

Countries around the world, including the US, ...

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