Alberta Pouring Billions into Keystone XL an 'Idiotic Waste': Financial Analyst - 2020-07-09

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F0.png Alberta Pouring Billions into Keystone XL an 'Idiotic Waste': Financial Analyst July 9, 2020, Geoff Dembicki, The Tyee

When the U.S. Supreme Court halted construction on the Keystone XL pipeline for environmental reasons this week it wasn't just a blow to the project's builder TC Energy. The delay-inducing court decision makes even riskier the $7.5 billion in taxpayer money Alberta Premier Jason Kenney has committed to getting the oilsands pipeline built. Though a government spokesperson was "confident TC Energy will continue to overcome roadblocks and setbacks like they have in the past and successfully complete this project," an experienced financial analyst who spoke with The Tyee was less optimistic.

Wagering huge sums of public money to expand the oilsands at a moment when the business case for oil could be entering terminal decline "is an absolutely idiotic waste of capital," said Kingsmill Bond, a London-based energy strategist for the research group Carbon Tracker who's previously worked as an equity analyst for Deutsche Bank, Sberbank, Citibank and others.

Bond is recent author of the report "Decline and Fall: The Size and Vulnerability of the Fossil Fuel System," and argues that due to the economic wreckage of coronavirus we may have already passed global peak demand for oil, coal and gas. In an exclusive interview with The Tyee he explains why that is potentially very bad news for oil producers and the governments that support them.

Wikipedia cite:
{{cite news | first = Geoff | last = Dembicki | title = Alberta Pouring Billions into Keystone XL an 'Idiotic Waste': Financial Analyst | url = https://thetyee.ca/News/2020/07/09/Alberta-Pouring-Billions-Into-Keystone-XL/ | work = The Tyee | date = July 9, 2020 | accessdate = July 10, 2020 }}