Trans Mountain pipeline a bad investment
You don’t have to be an economist to see that the Trans Mountain pipeline expansion is a bad investment; you just have to listen to what economists are saying.
Seven of the world’s largest multinational oil corporations recently sold off their Alberta holdings, recognizing that the tar sands cannot compete in a low carbon future.
Bank economists have concluded, as has Kinder Morgan itself, that investing in a bitumen pipeline poses an unacceptable risk to shareholders, and have unanimously turned it down.
Meanwhile, investment managers at insurance companies, pension funds, philanthropic foundations and universities are diligently divesting themselves of tar sands holdings for economic, as well as ethical reasons.
Renewable energy is expected to be cost competitive with fossil fuels by the year 2020 thereby completely reshaping the energy sphere and driving high cost, high carbon sources of energy such as the tar sands out of business.
Prime Minister Trudeau should read the writing on the wall and rather than squander tax money on doomed fossil fuel infrastructure, commit to a managed phase out of the tar sands in combination with major investments in green jobs and a just transition for oil sands workers.
Mike Ward
Duncan