DATA & FIGURES
The investment pledge is valued at C$150bn, with 1m barrels of oil expected to be transported per day. The project will also include billions for a port expansion in Vancouver and investments in new protections for the endangered southern resident killer whale.
THE SCENARIO
The announcement reflects a major shift in Canada's energy policy, as the country seeks to reduce its dependence on the US and expand its presence in overseas markets. The move is also seen as an attempt to address concerns from British Columbia and First Nations, who have long opposed the construction of new pipelines due to environmental and cultural concerns.
DIRECT QUOTE
"British Columbians, Canadians and the First Nations who call this place home want this region to remain protected. There is no technology that can clean up an oil spill at sea, and a single oil spill could destroy our way of life." — Marilyn Slett, President of the Coastal First Nations and Elected Chief of the Heiltsuk Nation
BBN INSIGHT
The Positive Side: The new pipeline project is expected to create jobs and stimulate economic growth in Canada, particularly in the provinces of Alberta and British Columbia. The investment pledge also includes protections for the endangered southern resident killer whale, which could help to mitigate the environmental impact of the project. The Negative Side: The project has been met with opposition from environmental groups and some Indigenous communities, who are concerned about the potential risks of oil spills and the impact on their traditional lands and way of life. The project's expected C$150bn investment pledge will also be shouldered by Albertan and Canadian taxpayers, which could lead to increased costs and potentially limited returns on investment.