Canada urged to back U.S. in $15B lawsuit over Keystone XL’s demise
A progressive public policy think tank is urging the federal government to side against oil and gas transmission giant TC Energy in its ongoing dispute with the United States over the ill-fatedThe Calgary-based company is seeking to recoup US$15 billion in lost revenue from the on-again, off-again cross-border pipeline expansion, which President Joe Biden killed off for good in 2021 on his first day as commander-in-chief.
Rather, it argues, the case represents an important chance for both governments to defend their ability to pursue climate-friendly public policy without being forced to “unjustly” enrich impacted investors. At the moment, it’s about jurisdiction: TC Energy wants to apply the now-defunct investor-state dispute settlement mechanism in NAFTA, which expired in 2020, since the project traces its lineage as far back as 2008.The company hopes to use a three-year grace period for NAFTA disputes that was included in the new USMCA, known in Canada as CUSMA. By the report’s count, some 15 investors including TC Energy lodged their disputes after NAFTA expired but before the grace period ended April 30.
There is more at stake than just TC Energy’s eye-popping damages claim, the report says: An early dismissal of the suit would mitigate the ongoing cost of the global energy transition, not just for the U.S. but the rest of the planet.A host of other legacy cases under the USMCA rules are still outstanding, and amount to compensation claims in excess of US$23 billion.“This is why Canada’s next move, and that of Mexico, is so important,” the report says.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ottawa urged to back U.S., not TC Energy, in $15B lawsuit over demise of Keystone XLA progressive public policy think tank is urging the federal government to side against oil and gas transmission giant TC Energy in its ongoing dispute with the United States over the ill-fated Keystone XL project.
Read more »
Ottawa urged to back U.S., not TC Energy, in $15B lawsuit over demise of Keystone XL | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
Read more »
Video: Canada’s largest Pride parade marches through TorontoMassive crowds thronged the streets of Toronto under sunny skies on June 25 to watch Canada's largest Pride parade pass. Colourfully-clad attendees cheered, danced, fluttered rainbow fans to beat the heat and blew bubbles in a show of support and celebration for the LGBTQ community, which has faced a growing number of threats and witnessed attacks on long-sought rights in recent months.
Read more »
Groups decry Canada’s ‘punitive,’ ‘coercive’ drug policies in worsening overdose crisisMandatory treatment of overdose patients fractures people’s relationship with health care providers, coalition president says
Read more »
Passenger says Air Canada staff tried to count her crutches as two separate carry-on itemsAir Canada may receive fewer customer complaints than other national carriers and was just recognized with multiple accolades from Skytrax, but Can...
Read more »
Canada's explosive wildfires highlight frailties of forest carbon offset projectsThe early and intense wildfire season is impacting a controversial tool used to fight climate change: forest carbon offset projects. Read on.
Read more »