The Dec. 8 report by Yves Giroux concludes that the government’s decision in 2018 to purchase and run the pipeline remains a profitable move only if Ottawa doesn’t take further steps to combat climate change, and if the planet maintains its unquenchable thirst for oil.
The multibillion-dollar venture between Gazoduq and GNL Quebec would entail natural gas, extracted from fracking in northern B.C. and Alberta, being piped through existing pipelines all the way to eastern Ontario.
Canadian oil producers would be taking a loss of US$4 to $6 per barrel if they sold to Asian refineries through TMX compared to selling to U.S. refineries, says the Canadian Centre For Policy Alternatives’ B.C. office.
The non-profit Wilderness Committee says the pipeline company’s own maps and sworn affidavits indicate that it failed to start key construction this summer. And that could push the project past its December 2022 delivery date.
Environment and Climate Change Minister Jonathan Wilkinson has talked about using the revenue from the Trans Mountain oil pipeline to pay for green energy projects. But what if that revenue never comes because there’s little demand for oil in the first place?
The news comes roughly a year after the large Swiss insurance company declared it would reject companies that operate "purpose-built" transportation infrastructure for oilsands products, including pipelines.