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Representative image Image Credit: Pxhere Trans Mountain Corp, a firm that operates an oil pipeline owned by the Canadian government, has asked a regulator to keep the identities of its insurers private as activists push them to drop coverage. Environmental activists have stepped up pressure on banks and insurers to drop financing and insurance for fossil fuel companies, leading to European companies like AXA and Zurich pulling back from underwriting coal and oil sands projects. Trans Mountain is nearly tripling capacity of the pipeline to carry 890,000 barrels per day from Alberta to the British Columbia coast. Trans Mountain is nearly tripling capacity of the pipeline to carry 890,000 barrels of crude and refined products per day from Edmonton , Alberta to the British Columbia coast. Much of the oil it transports comes from the province’s oil sands – a particular focus of protests by environmentalists due to their high carbon emissions. The expansion has also raised fears among green groups about spills. The pipeline’s importance to Canada’s oil industry increased after U.S. President Joe Biden revoked a permit for the Keystone XL pipeline last month. Disclosing Trans Mountain’s insurers publicly may result in pressure that shrinks its pool […]
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