The Council of Canadians Vancouver-Burnaby chapter protests the Kinder Morgan pipeline at the Westridge Marine Terminal, May 2016.
Texas-based Kinder Morgan says that it will now cost $7.4 billion to build its 890,000 barrel per day Trans Mountain tar sands pipeline.
The Canadian Press reports, "The cost is up from the $6.8 billion previously estimated, with Kinder Morgan citing increased compliance costs including the National Energy Board’s 157 conditions, thicker pipe walls, additional drilled water crossings, and the Burnaby Mountain tunnel."
The Globe and Mail adds, "The project still needs 'acceptable financing' and a final investment decision." And Reuters notes, "People familiar with the process told Reuters last month that Kinder Morgan had begun talks with institutional investors including major Canadian pension funds and private equity firms."
The Council of Canadians is working to stop these pension funds from financing this tar sands pipeline.
On February 17, Reuters reported, "Kinder Morgan Inc. has begun talks with institutional investors including major Canadian pension funds and private equity firms to raise capital for its Trans Mountain pipeline project, according to people familiar with the process. Kinder Morgan has held discussions with Canada Pension Plan Investment Board, the Caisse de dépôt et placement du Québec and Ontario Teachers' Pension Plan Board, three of the biggest Canadian pension funds, the people added. It was unclear whether talks with the three pension funds were still ongoing."
But by February 27, the Ontario Teachers' Pension Plan had tweeted, "Ontario Teachers’ is not in talks to finance Kinder Morgan pipeline expansion."
Help us get the Canada Pension Plan Investment Board to make a similar declaration.
Please go to our online action alert Stop your pension from building pipelines! that says to CPPIB president Mark Machin, "As a CPP contributor, I urge the CPPIB to take a principled stance and publicly refuse to invest any money in Kinder Morgan’s Trans Mountain pipeline."
Today's news reports reiterate that Kinder Morgan intends to start construction on the pipeline this September with an in-service date of late 2019.
The Council of Canadians has been opposing the Trans Mountain tar sands pipeline since August 2011.