Dennis McConaghy says putting a price on carbon is the last option available to make the case for the cross-border pipeline.
October 23, 2015
by The Canadian Press
CALGARY — A retired executive with pipeline builder TransCanada says the long-stalled Keystone XL project can still be salvaged – if incoming Liberal prime minister Justin Trudeau acts swiftly on climate change.
Dennis McConaghy, who was in charge of developing new pipeline opportunities at TransCanada, says putting a price on carbon is the last option Canada has available to make the case for the cross-border oil sands pipeline.
In a recent blog post for the Niskanen Center, a libertarian think-tank, McConaghy says failure to do so was a missed opportunity for the outgoing Conservative government, but he has hope the Liberals will see things differently.
US President Barack Obama has made it clear he won’t allow the US$8-billion project to be built if it worsens climate change.
Environmental studies by the US State Department have not raised any major red flags, but McConaghy says that has not appeared to convince Obama.
McConaghy, who left TransCanada last year, says it’s been enormously frustrating to see Keystone XL stuck in the regulatory process for more than seven years.
© 2015 The Canadian Press