Company abandons controversial Keystone XL pipeline project | Economic News

A few months after US President Joe Biden revoked the pipeline permit, critics welcomed the declaration as a “victory.”

A few months after US President Joe Biden, the company behind a controversial oil pipeline has officially abandoned the project Revoke its license.

in a statement On Wednesday, TC Energy stated that it had terminated the Keystone XL project “after a comprehensive review of its options” and was negotiating with its partner, the oil-rich Alberta government in Western Canada.

“The company will continue to coordinate with regulatory agencies, stakeholders and indigenous groups to fulfill its environmental and regulatory commitments and ensure the safe termination and exit of projects,” TC Energy said.

Prime Minister of Alberta Jason Kenny’s government It invested 1.5 billion Canadian dollars (1.1 billion US dollars) in the Keystone project last year, claiming that the pipeline is necessary to support the province’s economy.

But the project faces Resolutely opposed for many years Environmental organizations, landowners and indigenous communities from Canada and the United States believe that this threatens their land and waters and will exacerbate the climate crisis.

In January of this year, just a few hours after his inauguration, Biden fulfilled his campaign promise and revoked the presidential license for the project issued by former President Donald Trump.

The 1,947-kilometer (1,210-mile) Keystone XL pipeline will extend from Alberta, Canada to Nebraska, USA, and will transport 830,000 barrels of oil between the two countries every day.

“This is great news for the tribes who have been fighting to protect our people and land,” Rosebud Sioux tribe chairman Rodney M Bordeaux said in a statement on the cancellation of the pipeline on Wednesday. “Treaties and laws guarantee that we are protected, and we are committed to ensuring that these laws are upheld.”

The Indigenous Environmental Network, an indigenous advocacy organization based in the United States, also welcomed the news. “After more than ten years, we finally defeated the oil and gas giant! Keystone XL is dead! For this victory, our hearts are dancing!” The group tweeted.

“From tar sands to the Gulf-we go hand in hand to protect the lives, water and our communities of the next seven generations. This is not the end-but the beginning of further victory. We know this in our hearts.”

“We hope that the Biden administration can continue to transform this country in the right direction by opposing fossil fuel projects that threaten our climate, our waters, and endangered wildlife. Get rid of Keystone XL!” Say Jared Margolis of the Center for Biodiversity, another American organization.

The government of Canadian Prime Minister Justin Trudeau has Support Keystone XL, But Trudeau said in January that he accepted Biden’s decision to cancel the project.

Alberta Governor Kenny said in a statement on Wednesday that his government remains “disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline crossing.”

“That said, Alberta will continue to play an important role in a reliable and affordable North American energy system. We will work with our US partners to ensure that we can develop and ship our resources responsibly Meet the energy needs of the United States.”

The statement stated that the Alberta government expects the total cost of the project to be 1.3 billion Canadian dollars (1.07 billion US dollars).

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About the Author: Agnes Zang