Rainforest Action Network responds to the news that that Kinder Morgan’s C$5.5 billion Trans Mountain loan package has been cancelled in the wake of the Canadian government’s decision to purchase the pipeline for C$4.5 billion. (Source)
Rainforest Action Network’s Climate and Energy Program Director Paddy McCully said:
“Once again, big banks are being bailed out, with ordinary taxpayers footing the bill. These banks made the indefensible decision to support this project knowing full well the glaring Indigenous rights, environmental and climate impacts.”
“This debacle should prove once and for all that tar sands oil is an unbankable sector. They should cease financing tar sands projects and companies as soon as possible.”
“Throughout the fumbling history of this disastrous project, big banks have helped Texas-based pipeline giant Kinder Morgan to offload the risk of this project onto others. This continues now, with TD and Scotiabank advising on the nationalization of the pipeline and making fees off of what is a terrible deal for Canadians.”
TD Securities is serving as financial adviser to Kinder Morgan Inc., and Scotiabank and Greenhill & Co Inc. are serving as financial advisers to Canada, in the Canadian government’s purchase of the Trans Mountain pipeline.
Source: Bloomberg Finance L.P.