CLEARING THE PR POLLUTION THAT CLOUDS CLIMATE SCIENCE
UK Companies Bankrolling Canadian Tar Sands Giant Kinder Morgan
Mat Hope • Thursday, December 8, 2016 – 00:00
UK financial giants HSBC, Barclays, and Aviva all have significant financial stakes in the company behind a controversial tar sands oil pipeline approved by Canadian Prime Minister Justin Trudeau last week, new analysis reveals.
Financial data seen by DeSmog UK shows HSBC holds almost $118 million (£93.7m) worth of shares in Kinder Morgan, which owns the recently approved Trans Mountain pipeline.
Barclays’ shares are worth around $48 million (£38m), and Aviva holds $27 million (£21.4m) worth of stock.
Tar sands pipelines are bad news for indigenous communities and the climate, but they can be big business for investors based thousands of miles away from the environmental destruction they bring.
You’ve probably heard of the Keystone XL pipeline, that Obama finally vetoed in his final year in office. You may have heard of the Dakota Access Pipeline, with Native American communities holding their ground at Standing Rock to prevent it destroying their land and water resources.
Lesser known is the Kinder Morgan Trans Mountain pipeline. Trudeau disappointed many local residents when he approved a controversial extension to the pipeline in what was seen as an early test of his commitment to tackling climate change.
As DeSmog Canada reported, the expansion project will increase oil transport capacity from 300,000 barrels of oil per day to 890,000 barrels per day, and open up the tar sands market to ever further-flung corners of the world.
Trudeau also approved an application to increase capacity of the Enbridge Line 3 pipeline from 390,000 to 915,000 barrels per day.
According to Environment and Climate Change Canada, the two pipelines combined represent an increase of 23 to 28 megatonnes of carbon dioxide equivalent released into the atmosphere.
And some big names in British business are helping to bankroll it.