Why won’t this giant oil pipeline reveal its secret backers?
Floodlight's first international collaboration, with Canada's National Observer, digs into how the Trans Mountain oilsands pipeline is keeping its insurers secret amid rising pressures from the climate movement.
Above, Tsleil-Waututh Nation member Charlene Aleck stands on the nation's reserve in front of Trans Mountain’s marine terminal near Vancouver, which will grow significantly as the pipeline is expanded. Trans Mountain will triple the amount of oil it transports from landlocked Alberta to the west coast.
Working with Carl Meyer in Ottawa, we were able to connect the dots between how Trans Mountain is shielding its backers and why climate and public interest advocates around the world are working to require more transparency in how fossil fuel projects are financed.
“Basically, without insurance, there’s no project approval, there’s no project financing,” said Ross Hammond, a senior insurance strategist with the Sunrise Project.*
*The Sunrise Project is a financial supporter of Floodlight. More on our editorial independence here.