Teck Resources Ltd., has called off a project that would have seen a new $20.6 billion (CDN) oilsands extraction facility built in Alberta, Canada.
Environmental critics of the projects said that it have prevented Canada from ever meeting its carbon dioxide emissions targets. It was estimated that it would be responsible for four million tonnes of greenhouse gas emissions per year over its 40 year lifespan, and disturb 292 square kilometres of pristine wetlands and boreal forest. However, environmentalists weren’t the only ones critical of the project.
According to the CBC, the Institute for Energy Economics and Financial Analysis had released a report that said the project was never going to be financially viable. This likely would have meant that taxpayers would have been on the hook to bail it out, as they did with the Kinder Morgan Trans Mountain pipeline. That project cost Canadians $4.5 billion.