At April’s virtual energy symposium hosted by Scotiabank CAPP, Francois Poirier of TC Energy Corp. and Al Monaco of Enbridge Inc, heads of Canada’s leading pipeline companies announced a change in business models to contribute to the global energy transition towards cleaner fuels. In fact, the drive for clean energy is supported in North America by both Canada’s Prime Minister Trudeau and America’s President Biden.

What this means is that both companies will strive to cut back on greenhouse gas emissions from their operations as well as, to avoid where possible, the development of new major oil pipeline projects throughout North America.

Even with the proactive support of President Trump, the last few years have been tough for builders of new pipelines throughout North America. A case in point is the long delays in beginning construction of TC Energy’s Keystone XL pipeline. Thanks to a multiplicity of factors including local public opposition, mounting doubts about the commercial viability of exporting Canadian oil via Texan ports to foreign markets, and increased competition from both Texan and Middle Eastern oil producers in world markets. Covid depressed oil demand and plummeting prices have merely reinforced the bleak outlook for pipeline construction.