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As part of his ambitious plan to tackle climate change, President Biden is revoking a key, cross-border presidential permit needed to complete the controversial Keystone XL pipeline.
That probably means the end of the $ 8 billion pipeline, a long-term project that would transport oil sands from Alberta, Canada, to the American Gulf Coast. Meanwhile, there has been a debate about whether fossil fuels should be left in the ground to control greenhouse gas emissions and avoid the greatest damage from climate change.
Former President Obama rejected the bill in 2015. Former President Trump revived it as one of his first acts in office.
Construction of the Keystone XL began last year, and the company says it has built about 300 miles of pipeline so far. TC Energy said in a statement that “project progress will be halted” and the company is likely to hit first-quarter profits.
While the announcement of the company was direct, oil industry groups that supported the project condemned Biden’s decision.
“Killing 10,000 jobs and taking $ 2.2 billion out of workers’ pockets is not what Americans need or want right now,” said Andy Black, president and CEO of the Pipeline Association.
These jobs were temporary construction work and included Oklahoma union workers sued by Black members for discrimination.
Environmentalists opposed the pipeline because of the oil sands it would carry. The production of this oil requires further refining, which emits more greenhouse gases, which contribute to climate change. The group praised Biden’s decision, along with his vow to join the Paris Climate Agreement after Trump withdrew.
“This makes the United States once again part of the global climate solution – not the problem,” said Mitchell Bernard, president of the Natural Resources Council.
Canadian Prime Minister Justin Trudeau said the pipeline was a key priority for him. The province of Alberta, which is an investor in the project, said it would work with the company to seek redress.