Toronto, Ont. – It seems that TransCanada finally realizes that Energy East is nothing more than a pipe dream. The project is incompatible with Canada’s climate commitments, makes no economic sense in a carbon constrained world, and faces too much opposition from Canadians and First Nations to ever get built.
The suspension is a smart move. Now TransCanada should do everyone a favour — including the company’s shareholders — and pull the plug on this mega project. Canadians will not let the proposed Energy East pipeline put their land, water and climate at risk. Continuing to pursue this ill-conceived project is throwing good money after bad.
TransCanada may be pointing to the National Energy Board’s (NEB) new requirements to take into account the massive carbon pollution that Energy East would facilitate, but the truth is that assessing carbon emissions is the straw that broke this camel’s back. This project has been on shaky ground from the beginning. Two years in, TransCanada still can’t even say how the pipeline would cross major rivers, including the St. Lawrence and Ottawa Rivers. Moreover, the project cannot be justified at today’s oil prices and in a world moving away from fossil fuels.
This should be a wake-up call for the tar sands industry and Canada more broadly. As natural disasters ravage communities across North America, the era of fossil fuel expansion must come to an end. It’s time for a managed decline of the tar sands and a just transition to a clean economy.
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