VERMONT’S DOUBLE ACTIONS

ARE AT ODDS WITH ITS ENERGY POLICY

 

 The State of Vermont has set goals for reducing greenhouse gas (GHG) emissions, with targets for 2030
and 2050.*
(We missed our 2012 target of reducing CO2 emissions by 25% from 1990**, achieving no
reduction***. The State then adjusted the 2030 target upward.)

 In 2012, Vermont passed a law banning hydraulic fracturing (fracking) within the state. Fracking, a
process for extracting natural gas and oil from deep underground, is highly controversial because of a
history of environmental damage, such as, but not limited to, ground water contamination from the toxic
chemicals that are used. There is evidence that methane leaks during fracking and transport make natural
gas worse for overall GHG emissions than oil or any other fuel it might replace in Vermont.****

 Meanwhile, the Vermont Department of Public Service has supported the building of new fossil fuel
infrastructure in the form of pipelines that will carry gas extracted through fracking in Canada, through
Chittenden and Addison counties.

 

OUR PUBLIC MONEY GOES INTO DIRTY FOSSIL FUEL PROJECTS

 The State of Vermont deposits almost all of its unrestricted cash in TD Bank. That was over $193
million on September 30, 2016.*****

 During the 2-year period of FY13 and FY14, the state paid TD Bank almost $1.5 million in fees.******

 The TD Bank Group is the second largest shareholder in TransCanada*******, the company that would build the
Keystone XL and Energy East pipelines and that owns the pipelines that transport fracked gas from
Alberta to the Québec-Vermont border.

 TD is the third largest shareholder in Enbridge********, the company that owns the pipeline that ruptured and
caused a catastrophic spill of tar sands crude oil into the Kalamazoo River in Michigan.

 

THE BOTTOM LINE

 The bank where Vermont deposits most of its cash is owned by a giant, global financial group that has
invested billions of dollars in tar sands infrastructure in Canada and the United States.

 TD profits from the business it does with the State. The bank’s parent invests some of those profits in dirty
oil infrastructure, running roughshod over communities and directly contributing to climate change.
WHAT YOU CAN DO

 Demand that Governor Phil Scott, through the Department of Public Service, support a moratorium on new
fossil fuel infrastructure in Vermont.

 Support the creation of a public bank for Vermont. Send this fact sheet to your legislators and ask them:
“Should our State pay hundreds of thousands of dollars each year to a bank that finances climatedestroying
infrastructure? Or should we consider forming a state bank that will make millions in revenue
and support a self-sufficient economy?” Ask them to support Legislation to Establish a Commission for a
Vermont State Bank, sponsored by Senator Pollina and Representative Cina.

*2016 Vermont Comprehensive Energy Plan
** 2011 Vermont Comprehensive Energy Plan
***”Vermont Carbon Dioxide Emissions from Fossil Fuel Consumption (1980-2014)”, U.S. Energy Information Administration
**** Howarth, R. W., “A bridge to nowhere: methane emissions and the greenhouse gas footprint of natural gas”, Energy Science and Engineering,
***** State of Vermont Temporary Investment Holdings: http://www.vermonttreasurer.gov/sites/treasurer/files/Investments%202016-09-30.pdf
****** Memo from State Treasurer Beth Pearce to Senator Anthony Pollina. http://www.documentcloud.org/documents/802241-treasurer-memo.html.
******* “Who owns Transcanada?” http://stockzoa.com/cusip/89353d107/ 02-02-2017
******** Enbridge Inc Institutional Ownership, Nasdaq, http://www.nasdaq.com/symbol/enb/institutional-holdings 02-02-2017