Edmonton Chamber Supports Trans Mountain Deal, But Canada’s Regulatory System Needs Fixing
The Edmonton Chamber of Commerce is pleased there is more certainty for the Trans Mountain Expansion Project after the Federal government announced plans to buy the pipeline, however we’re not celebrating yet.
The Government of Canada announced today it has reached an agreement with Kinder Morgan to purchase Trans Mountain and related pipeline and terminal assets for $4.5 billion.
“Now that Trans Mountain has the Federal government’s full financial backing, we can be confident that this vitally important link to new markets will actually be built,” said Janet Riopel, President and CEO of the Edmonton Chamber of Commerce. “While this is good news for the Canadian economy, this is not a time for celebration.”
“The fact that we’ve come to this point is a disappointing reflection on the state of confederation,” said Riopel. “It’s troubling that a commercially viable and federally approved project requires this much government intervention to get built in our country.”
“The completion of Trans Mountain will reinforce Canada’s reputation as a stable and reliable destination for international investment,” said Riopel. “This pipeline is fundamentally important for economic and environmental reasons, but it has now taken on broader significance as a symbol of Canada’s inability to approve and build major projects.”
“What we need next is for the Federal government to repair our regulatory system,” said Riopel. “We need to restore confidence with investors globally that Canada’s regulatory approvals actually mean something.”
The Edmonton Chamber calls on the Federal government to limit the time it remains invested in the project.
“We hope the Federal government will find a private buyer for this project soon,” said Riopel. “This project was initiated and supported by the private sector, and we’d like to see it returned to private hands as quickly as possible.”
“While the Federal government’s announcement is a positive step forward, the Edmonton Chamber will hold off our celebrations until the project is complete and our resources begin flowing to new markets.”