Greenpeace looks to regulator to halt Trans Mountain IPO

Trans Mountain

Should the Trans Mountain pipeline go ahead, there would be a four-fold increase in tanker traffic from current levels. Transport Canada photo.

Trans Mountain pipeline given approval by federal gov’t last year

Environmental group Greenpeace is asking the Alberta securities regulator to halt Kinder Morgan’s IPO for the Trans Mountain pipeline until the company discloses the climate change risks associated with the pipeline to its potential investors.

Kinder Morgan is looking to raise $1.75 billion in its IPO to help fund the expansion of the pipeline that runs from Alberta to tidal waters on the BC coast.

Last year, the Canadian government approved the project, but environmentalists continue to oppose the pipeline.

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In its 11-page submission to the regulator, Greenpeace argues the company’s analysis of the climate policy risks is incomplete. ¬†Greenpeace says Kinder Morgan used oil demand forecasts from the International Energy Agency (IEA) but¬†ignored scenarios from the IEA that forecast declining oil demand should governments adopt the Paris climate accord.

“Kinder Morgan’s business plan only works if the world fails to act on climate change,” said Keith Stewart of Greenpeace Canada. “They may think that’s a good bet, but they should be honest with potential investors about the risks being taken with their money.”

In an e-mail response to Reuters, Alberta Securities Commission spokeswoman Alison Trollope said “We received Greenpeace’s submission, and we will give it the consideration we deem appropriate.”

 

Posted in: Canada

1 Comment on "Greenpeace looks to regulator to halt Trans Mountain IPO"

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  1. Joyce Johnston says:

    Geenpeace needs to go to Saudia Arabia. Then they might be believed to be truly concerned about the environment.

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