Kinder Morgan dodged a bullet when it flogged the TransMountain pipeline to the Trudeau government for a handsome 640 per cent return. The bullet had been fired by KM's own shareholders.
A milestone in the investor-led revolution came at the May 9 annual general meeting of Kinder Morgan, the U.S. energy infrastructure giant that wanted to build the $7.4-billion Trans Mountain pipeline from the Alberta oil sands to the company’s terminal in Burnaby, British Columbia, where the guck would be shipped to Asia (in June, the Canadian government nationalized the stalled project). At the meeting, shareholders delivered a wake-up call to the company by passing two environmental resolutions, both of which the company had strenuously resisted.
The first simply demanded improvements in Kinder Morgan’s environmental, social and governance (ESG) reporting, or sustainability reporting. The second was the biggie. The resolution requested that by 2019, Kinder Morgan produce a detailed report on the impact of its business on the internationally recognized goal of limiting the global temperature increase to two degrees Celsius (that was the main agreement of the 2015 Paris climate change accord, which was signed by most countries, including Canada). The so-called two-degree scenario (2DS) resolution also required Kinder Morgan to tell shareholders how it plans to transition to a low-carbon future.So, if Kinder Morgan shareholders could tell their company to come clean on climate change and its impact on the 2C goal, isn't it time that prime minister Handy accounted to his shareholders, the Canadian public, about how TransMountain will impact that very same goal, especially since he signed Canada on to the programme? Not just the pipeline but the bitumen itself and all the carbon emissions and other contaminants that we're also exporting.
C'mon, Justin. You promised to be accountable. Do some accounting, dammit.