At a meeting of the Economic Club of Canada, Canadian Finance Minister Bill Morneau took the opportunity to address the recent approval of the Trans Mountain Expansion (TMX) project and how he feels it will better the nation.
That betterment encompasses two things: the environment and economics. TMX proposes to nearly triple an existing pipeline’s capacity to 890,000 barrels per day — something that has faced significant opposition from environmentalists and some of Canada’s First Nations. Morneau, however, insists that the investment will help Canadian workers and businesses, and that money made off the pipeline would support green efforts.
“By proceeding with the Trans Mountain Expansion project, we’re putting Albertans—and all Canadians—in the best position to succeed,” Morneau said. “The revenues that will come from getting Canada’s resources to global markets will create jobs, grow the economy, and allow us to invest in new ways to reduce emissions and protect the environment.”
The decision to expand was made after a report and recommendations from the National Energy Board, alongside consultations with affected groups — namely, Indigenous residents. Morneau claims that now the project will see thousands of new jobs, boost Canadian oil prices, and support both clean energy solutions and efforts to support Indigenous Peoples.