Gabby Brown, gabby.brown@sierraclub.org
Last Friday, the proposed Keystone XL pipeline hit yet another roadblock when a federal judge rejected a request from TransCanada, the company behind the project, to move forward with pre-construction field activities on the pipeline while the government revises its environmental review.
Last month, the U.S. District Court for the District of Montana ruled that the Trump administration violated bedrock U.S. environmental laws when approving a federal permit for the pipeline and blocked construction until a new review is completed. TransCanada had argued that if they could not proceed with “pre-construction” activities in the meantime, it would miss the 2019 construction season and suffer at least $949 million in financial injuries.
These setbacks for Keystone XL come as major banks, including Wells Fargo, have a pair of credit facilities totaling $1.5 billion out to TransCanada that are set to expire this Friday. The banks can either renew these facilities or reconsider financial support for the beleaguered pipeline company.
“This latest setback for Keystone XL is further proof that financial support for tar sands pipeline companies like TransCanada isn’t just bad for our climate and our communities, it’s bad business,” said Sierra Club Campaign Representative Ben Cushing. “TransCanada’s Keystone XL pipeline has faced huge public opposition for the last decade, and now it’s clear that it’s never going to be built. There’s never been a better time for Wells Fargo to stop propping up the company behind this disaster of a project.”
Sierra Club members and supporters from across the country have sent more than 70,000 messages to Wells Fargo about the bank’s financing for TransCanada and Keystone XL. Throughout this week, activists will rally in Seattle, San Francisco, New York, and Washington, DC to call on Wells Fargo, JPMorgan Chase, and other banks to drop their support for TransCanada.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3 million members and supporters. In addition to helping people from all backgrounds explore nature and our outdoor heritage, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.