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First Nations urge banks to stop financing Trans Mountain Expansion Project – Castanet

Apr 24, 2023

A coalition of First Nations groups are calling on Canada’s six largest banks to cease lending funds to the Trans Mountain Expansion project.

The Tsleil-Waututh Nation and the Union of British Columbia Indian Chiefs (UBCIC) have written letters to the CEOs of RBC, BMO, TD, Scotiabank, CIBC and National Bank, urging them to reconsider the $10 billion loan currently being negotiated for the pipeline.

The proposal for further funding comes after the cost of the controversial project mushroomed from $21 billion to $31 billion in March.

In a letter to RBC, included within a statement released April 19, the Nation said the bank’s involvement with the project is a violation of the rights and interests of Indigenous communities—one that contradicts their own public commitments to reconciliation and addressing climate change.

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