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Goldman Sachs will no longer fund drilling in Arctic refuge sacred to First Nations – CBC.ca

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In the wake of a U.S. banking giant’s announcement it will no longer invest in new oil projects in the Arctic National Wildlife Refuge, Gwich’in leaders are heading to Bay Street to push some of Canada’s biggest banks to do the same. 

Investment firm Goldman Sachs released an updated environmental policy framework this week. In it, the company says it will “decline any financing transaction that directly supports new upstream Arctic oil exploration or development,” including but not limited to new work in the Alaskan refuge.

It’s the latest win for Gwich’in leaders who have been lobbying banks to refuse to fund development in the refuge.

Supporters of drilling say it would be an economic boon in the region, but the Gwich’in and other critics note the refuge, which is a winter home for polar bears, is also sacred calving ground for the Arctic Indigenous group’s traditional food source — caribou. 

“For them to really understand the importance of this makes my heart very humble and grateful,” said Gwich’in Steering Committee Executive director Bernadette Demientieff.

May also be financially motivated

Goldman Sachs’s decision not to fund drilling in the refuge follows other international banks, including Barclays and the Royal Bank of Scotland, which have said they won’t fund exploration projects in the region.

In explaining its decision, Goldman Sachs acknowledged Indigenous people have used the land for centuries — but the decisions may also be financially motivated. 

The Arctic National Wildlife Refuge in northeast Alaska is a calving ground for caribou.  (U.S. Fish and Wildlife Service/The Associated Press)

“Oil development in the Arctic Circle is prone to harsh operating conditions, sea ice, permafrost coverage, and potential impacts to critical natural habitats for endangered species,” the firm notes in its framework. 

Demientieff said Gwich’in leaders have been talking with the bank for two years to get this result.

“We do not have the ability to give up … this is our way of life,” she said.

Scotiabank, TD, RBC, CIBC

Gwich’in leaders are now taking the fight north of the border.

CBC reached Vuntut Gwitchin First Nation Councillor Cheryl Charlie as she was boarding a flight to Toronto, where she plans to meet representatives from Scotiabank, Toronto-Dominion, Royal Bank of Canada and CIBC to ask them to follow the U.S. company’s lead.

A representative from the Gwich’in Tribal Council also plans on attending the meetings. 

“The Goldman Sachs announcement … is a step in the right direction,” she said. “Hopefully this week we can build on that.”

A representative from RBC confirmed the bank is meeting with the Vuntut Gwitchin First Nation and said they “regularly meet with a broad range of stakeholders to understand their perspective.”

Scotiabank declined to comment for this article. TD and CIBC did not immediately respond to requests for comment. 

Gwich’in chiefs testify in Washington, D.C., before a U.S. congressional subcommittee on ANWR development. (CBC)

On a recent episode of Goldman Sachs’ corporate podcast, Exchanges, John Goldstein, head of the company’s sustainable finance group, explained taking environmental issues into account can make investments less risky, and improve one’s odds of making money.

“The business case is fundamentally better than it’s ever been,” he said. 

The company said its decision will also apply to “upstream” oil exploration elsewhere in the Arctic, and that any transactions relating to Arctic oil that it does fund will be subject to “enhanced due diligence.”

Banks pull out, politicos weigh in

Banks have been pulling out even as U.S. President Donald Trump and Senate Republicans clear the political path to drilling in the region.

A 2017 tax cut approved by the then Republican-controlled Congress created a plan to allow oil leases in the area.

Vuntut Gwitchin First Nation Councillor Cheryl Charlie said Gwich’in people will continue to use every tool possible to stop drilling in the refuge.

“Talking to financial institutions in Canada is one strategy that we have …. Talking to governments is another strategy,” she said.

“Atogether, it demonstrates the level of effort and commitment that the Vuntut Gwich’in is going to go … in order to protect our way of life.”

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Bad traffic, changed plans: Toronto braces for uncertainty of its Taylor Swift Era

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TORONTO – Will Taylor Swift bring chaos or do we all need to calm down?

It’s a question many Torontonians are asking this week as the city braces for the arrival of Swifties, the massive fan base of one of the world’s biggest pop stars.

Hundreds of thousands are expected to descend on the downtown core for the singer’s six concerts which kick off Thursday at the Rogers Centre and run until Nov. 23.

And while their arrival will be a boon to tourism dollars — the city estimates more than $282 million in economic impact — some worry it could worsen Toronto’s gridlock by clogging streets that already come to a standstill during rush hour.

Swift’s shows are set to collide with sports events at the nearby Scotiabank Arena, including a Raptors game on Friday and a Leafs game on Saturday.

Some residents and local businesses have already adjusted their plans to avoid the area and its planned road closures.

Aahil Dayani says he and some friends intended to throw a birthday bash for one of their pals until they realized it would overlap with the concerts.

“Something as simple as getting together and having dinner is now thrown out the window,” he said.

Dayani says the group rescheduled the gathering for after Swift leaves town. In the meantime, he plans to hunker down at his Toronto residence.

“Her coming into town has kind of changed up my social life,” he added.

“We’re pretty much just not doing anything.”

Max Sinclair, chief executive and founder of A.I. technology firm Ecomtent, suggested his employees avoid the company’s downtown offices on concert days, saying he doesn’t see the point in forcing people to endure potential traffic jams.

“It’s going to be less productive for us, and it’s going to be just a pain for everyone, so it’s easier to avoid it,” Sinclair said.

“We’re a hybrid company, so we can be flexible. It just makes sense.”

Swift’s concerts are the latest pop culture moment to draw attention to Toronto’s notoriously disastrous daily commute.

In June, One Direction singer Niall Horan uploaded a social media video of himself walking through traffic to reach the venue for his concert.

“Traffic’s too bad in Toronto, so we’re walking to the venue,” he wrote in the post.

Toronto Transit Commission spokesperson Stuart Green says the public agency has been working for more than a year on plans to ease the pressure of so many Swifties in one confined area.

“We are preparing for something that would be akin to maybe the Beatles coming in the ‘60s,” he said.

Dozens of buses and streetcars have been added to transit routes around the stadium, and the TTC has consulted the city on potential emergency scenarios.

Green will be part of a command centre operated by the City of Toronto and staffed by Toronto police leaders, emergency services and others who have handled massive gatherings including the Raptors’ NBA championship parade in 2019.

“There may be some who will say we’re over-preparing, and that’s fair,” Green said.

“But we know based on what’s happened in other places, better to be over-prepared than under-prepared.”

Metrolinx, the agency for Ontario’s GO Transit system, has also added extra trips and extended hours in some regions to accommodate fans looking to travel home.

A day before Swift’s first performance, the city began clearing out tents belonging to homeless people near the venue. The city said two people were offered space in a shelter.

“As the area around Rogers Centre is expected to receive a high volume of foot traffic in the coming days, this area has been prioritized for outreach work to ensure the safety of individuals in encampments, other residents, businesses and visitors — as is standard for large-scale events,” city spokesperson Russell Baker said in a statement.

Homeless advocate Diana Chan McNally questioned whether money and optics were behind the measure.

“People (in the area) are already in close proximity to concerts, sports games, and other events that generate massive amounts of traffic — that’s nothing new,” she said in a statement.

“If people were offered and willingly accepted a shelter space, free of coercion, I support that fully — that’s how it should happen.”

This report by The Canadian Press was first published Nov. 13, 2024.



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‘It’s literally incredible’: Swifties line up for merch ahead of Toronto concerts

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TORONTO – Hundreds of Taylor Swift fans lined up outside the gates of Toronto’s Rogers Centre Wednesday, with hopes of snagging some of the pop star’s merchandise on the eve of the first of her six sold-out shows in the city.

Swift is slated to perform at the venue from Thursday to Saturday, and the following week from Nov. 21 to Nov. 23, with concert merchandise available for sale on some non-show days.

Swifties were all smiles as they left the merch shop, their arms full of sweaters and posters bearing pictures of the star and her Eras Tour logo.

Among them was Zoe Haronitis, 22, who said she waited in line for about two hours to get $300 worth of merchandise, including some apparel for her friends.

Haronitis endured the autumn cold and the hefty price tag even though she hasn’t secured a concert ticket. She said she’s hunting down a resale ticket and plans to spend up to $600.

“I haven’t really budgeted anything,” Haronitis said. “I don’t care how much money I spent. That was kind of my mindset.”

The megastar’s merchandise costs up to $115 for a sweater, and $30 for tote bags and other accessories.

Rachel Renwick, 28, also waited a couple of hours in line for merchandise, but only spent about $70 after learning that a coveted blue sweater and a crewneck had been snatched up by other eager fans before she got to the shop. She had been prepared to spend much more, she said.

“The two prized items sold out. I think a lot more damage would have been done,” Renwick said, adding she’s still determined to buy a sweater at a later date.

Renwick estimated she’s spent about $500 in total on “all-things Eras Tour,” including her concert outfit and merchandise.

The long queue for Swift merch is just a snapshot of what the city will see in the coming days. It’s estimated that up to 500,000 visitors from outside Toronto will be in town during the concert period.

Tens of thousands more are also expected to attend Taylgate’24, an unofficial Swiftie fan event scheduled to be held at the nearby Metro Toronto Convention Centre.

Meanwhile, Destination Toronto has said it anticipates the economic impact of the Eras Tour could grow to $282 million as the money continues to circulate.

But for fans like Haronitis, the experience in Toronto comes down to the Swiftie community. Knowing that Swift is going to be in the city for six shows and seeing hundreds gather just for merchandise is “awesome,” she said.

Even though Haronitis hasn’t officially bought her ticket yet, she said she’s excited to see the megastar.

“It’s literally incredible.”

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



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Via Rail seeks judicial review on CN’s speed restrictions

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OTTAWA – Via Rail is asking for a judicial review on the reasons why Canadian National Railway Co. has imposed speed restrictions on its new passenger trains.

The Crown corporation says it is seeking the review from the Federal Court after many attempts at dialogue with the company did not yield valid reasoning for the change.

It says the restrictions imposed last month are causing daily delays on Via Rail’s Québec City-Windsor corridor, affecting thousands of passengers and damaging Via Rail’s reputation with travellers.

CN says in a statement that it imposed the restrictions at rail crossings given the industry’s experience and known risks associated with similar trains.

The company says Via has asked the courts to weigh in even though Via has agreed to buy the equipment needed to permanently fix the issues.

Via said in October that no incidents at level crossings have been reported in the two years since it put 16 Siemens Venture trains into operation.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:CN)

The Canadian Press. All rights reserved.



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