The royal Bank of Canada is at the head of a group of 27 banks who lend the 6.8 billions that are needed for the construction of Coastal Gaslink.. In Canada, the banks taking part in the agreement are ATB Financial, Bank of Montreal, Scotia Bank, CIBC, the Canadian Western Bank, Export Developpement Canada, the National bank and the Toronto Dominion. In short, the whole banking sector is supporting pipelines.
In addition, Coastal GasLink is being developed not only by TransCanada, which brought us the Energy East pipeline, but also 65% by Kohlberg Kravis Roberts & Co (KKR) and AIMCo, an Alberta state corporation that manages pension funds. Also, the insurance companies doing business with the Canadian pipeline companies are American, be it Liberty Mutual, AEGIS or the Energy Insurance Mutual.
Finally, the Canadian government has made a $500 million loan to TransCanada for the Coastal GasLink project [1]. In general, the government has invested or supported pipeline projects in Western Canada for a total of nearly $23 billions [2]. There is no hope that governments will stop supporting these projects in which they have already invested billions. It is up to the general public to make their voices heard and demand that these projects be stopped for good, and that the oil remains in the ground.
Sources :
[1] https://www.iisd.org/system/files/2021-07/oil-gas-pipelines-green-recovery-canada.pdf
[2] Ibid.
