50,000 sign petition urging insurance companies to drop Trans Mountain coverage
The petition, organized by a coalition of 32 groups, calls on 27
insurers to drop their policies ahead of an Aug. 31 renewal deadline. If
the pipeline loses its private insurance, the Candian government will
be forced to put public money at risk to insure its assets, the group
said in a press release.
Trans Mountain to resume construction on pipeline expansion
Trans Mountain says it is restarting construction on its pipeline expansion project.
The
company said work will resume at the Westridge Marine Terminal and
Kinder Morgan’s Burnaby Terminal as well as in communities in Alberta.
It has issued directives that give contractors 30 days to mobilize
equipment, hire workers and develop work plans.
Activist groups urge insurers to drop coverage of oil sands pipeline
Pressure
is growing for financial companies to pull back from insuring and
investing in polluting industries like coal and oil as part of an effort
to combat climate change.
The coalition sent a letter to 27 companies registered to insure the pipeline, including Munich RE [MUVGGR.UL], Talanx (TLXGn.DE) and Zurich Insurance Group AG (ZURN.S), asking them to drop their coverage before Aug. 31, the deadline for Canada to renew its liability insurance.
The groups said they hope the pressure “will show the Canadian government that the expansion is uninsurable.”
“The
Trans Mountain Expansion Project presents a real economic opportunity
for Canadians and for Indigenous communities,” Morneau said in a
statement.
“With the approval of the project, we can begin
discussions with the many communities that may be interested in becoming
partners in getting Canada’s natural resources to market. Our
government looks forward to moving the project forward in a way that
reflects our commitment to reconciliation.”
Hundreds of landowners still haven’t signed agreements with Trans Mountain | CBC News
In a filing on June 18, Trans Mountain said it is still working to finalize 1,112 land acquisition contracts along the route, or roughly a third of the 3,193 tracts of land identified for acquisition.