Trans Mountain Corp. insists it is committed to "meaningful engagement" with Indigenous communities after it was given the green light to move its pipeline route despite the objection of a First Nation.
The Crown corporation that owns the pipeline project had requested permission to alter the route slightly for a 1.3-kilometre stretch of pipe in the Jacko Lake area near Kamloops, as well as the construction method for that section.
In its regulatory filing, Trans Mountain Corp. said it has run into engineering difficulties related to the drilling of a tunnel in B.C. and wants to alter the route slightly for a 1.3-kilometre stretch of pipe, as well as the construction method.
The city of New Westminster has reiterated its opposition to the Trans Mountain pipeline over concerns the line would have catastrophic effects on people and wildlife in the event of a spill.
Trans Mountain wants to charge oil shippers more to use its expansion pipeline, but those increased tolls wouldn’t cover even half of the project’s $30.9-billion price tag.
Trans Mountain will have to repay the banks, with interest, and experts warn it is unlikely the company will be able to repay banks based on the project’s construction costs, tolls and international oil markets.
Despite promising to play their part addressing climate change, Canada’s Big 5 banks have invested over $1 trillion in coal, oil and gas companies since the Paris Agreement was signed.
