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An aerial view of the Trans Mountain marine terminal, in Burnaby, B.C. Trans Mountain Corp has asked a regulator to keep the identities of its insurers private as environmental activists push them to drop coverage. 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 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 due to their high carbon emissions. The expansion has also raised fears 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 of potential insurers and raises premiums for the pipeline and its shippers, the corporation said in a submission on Monday to the Canada Energy Regulator (CER). Trans Mountain said it incurred higher […]
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