Toronto – December 8, 2020 – In reaction to the Parliamentary Budget Office financial and economic update on TransMountain, Keith Stewart, senior energy strategist, Greenpeace Canada commented :
“This makes a really important point on how support for TMX is utterly at odds with the Trudeau government’s climate commitments. This pipeline is only profitable in a worst-case climate scenario, where the world takes no new action on climate change. That is not a future that we should be betting over $12 billion dollars of public money on.”
It is to be noted that the reports from the PBO and CER along with the climate risk assessment requirement buried in the net-zero legislation offer Trudeau a graceful exit from TMX, especially since the original quid pro quo of Alberta support for national climate action has evaporated.
As a matter of fact, back in 2017 when Greenpeace Canada challenged Kinder Morgan’s IPO on the grounds of inadequate disclosure of climate risk, the company re-wrote the prospectus to acknowledge that significant progress towards the Paris climate agreement’s decarbonisation goals or progress on alternative energy technology “could negatively impact the prospects of new contracts for transportation or terminalling, renewals of existing contracts or the ability of the Business’ customers and shippers to honour their contractual commitments.”
-END-
For more information, please contact:
Loujain Kurdi, Communications Officer, +1 (514) 577-6657 or [email protected]
