Lloyd’s of London syndicate Aspen Insurance announced April 21 it will cut ties with Trans Mountain when its insurance policy expires this summer, making it the 17th company to do so.
Canada’s financial watchdog says the federal government is “very unlikely” to recoup its $4.5-billion investment in the Trans Mountain pipeline now that the project’s costs have soared by 70 per cent.
Extreme weather fuelled by climate breakdown is exposing the vulnerability of key infrastructure in British Columbia and is reviving questions among environmentalists and residents about building the Trans Mountain expansion pipeline.
The costs of the Trans Mountain expansion project continue to soar, but with the company behind it increasingly opaque since Ottawa bought the pipeline, it’s difficult to say by how much, according to a new report from West Coast Environmental Law.
Nearly two dozen environmental and Indigenous organizations have signed an open letter calling on Trans Mountain insurers to drop the pipeline, warning the CEOs of major insurance companies that pressure will continue to mount until they do.
The Canada Energy Regulator accepted Trans Mountain's allegations without demanding proof. But when it came to Tsleil-Waututh Nation's arguments, the regulator said it was unconvinced.