Global Markets: RBC implements green bond program

WINNIPEG, May 21 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Royal Bank of Canada’s recently implemented “green bond program” may provide loans to oil and gas companies that wish to reduce their environmental impact, according to Bloomberg. Though most green bond funding goes to renewable power and green building initiatives, oil and gas firms are eying the green debt market as well. The funds could go to projects such as carbon-capture infrastructure. Oil and gas companies are the largest source of Canada’s greenhouse gas emissions, and the Bank of Canada’s annual Financial System Review identified climate change as a point of vulnerability for the country’s financial system.

– The United States government has issued a 90-day grace period on its ban on U.S. firms engaging with Chinese telecommunications giant Huawei. This announcement follows last Wednesday’s executive order which prohibited U.S. companies from doing business with information or technology firms deemed to “pose a national security threat,” according to Yahoo Finance. The founder of Huwawei said Washington’s curb on sales will have “little impact” on the company, according to The Canadian Press.

– Tensions between the U.S. and Iran caused oil prices to spike on Tuesday morning, alongside expectations that OPEC and its allies will continue to curb output for the remainder of the year. Gains were further capped by concerns of a global economic slowdown thanks to the prolonged trade war between the U.S. and China.

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