Keystone XL Tries to Save Itself With Green Pledge
This week, we talk about how the company behind the controversial Keystone XL pipeline has promised net-zero emissions in a bid to save the project from cancellation under President Joe Biden.
Welcome to our weekly chat about the environmental and social issues that influence the way we work, spend our money and live our lives. We're your hosts, Maitane Sardon and Dieter Holger. Want to get our newsletter every Wednesday? Hit the subscribe button in the upper right corner and please share with your friends!
Hi Dieter! We’ve spoken before about the pressure companies are facing from governments and investors to tackle climate change. The latest example is a net-zero pledge by the Keystone XL project, a tar sands oil pipeline under construction that President Joe Biden was expected to block on his first day in office.
TC Energy, the Canadian energy-infrastructure company behind the pipeline’s expansion that would move oil from Alberta, Canada, to Nebraska, has committed to achieving net-zero emissions across pipeline operations by 2030 in what appears to be an effort to persuade Biden, sooner or later, to allow the project to go forward.
Keystone XL was proposed more than a decade ago but isn’t running yet due to legal and permit delays. Many climate activists object to the project because the crude oil the pipeline carries comes from oil sands, which are more carbon intensive than other types of oil.
The Trump administration granted a permit last year for the $8 billion project to move forward but officials said one of Biden’s first executive actions would be to revoke it.
Some of TC Energy’s plans include spending $1.7 billion on renewable energy to operate the pipeline. The company has also promised to hire union laborers to build it and eliminate all greenhouse-gas emissions from its operations over the next ten years.
We’ll keep an eye on what the Biden administration has in store for Keystone XL and other controversial oil projects like Enbridge’s Line 5 pipeline. What else has caught your eye, Maitane?
Last year ended with some surprising news related to the pandemic and retirement plans. Even after Congress let people take out as much as $100,000 from individual retirement accounts or 401(k)s by the end of the year without a 10% early-withdrawal penalty, very few took the option.
Fidelity, the U.S.’s largest 401(k) provider, said 1.6 million people took some money out of their retirement plans in 2020. That’s only 6.3% of eligible participants. Some in the retirement-investment industry expected as many as half of 401(k) savers to raid their accounts due to hardship from the pandemic.
Brigham Young University economist Brigitte Madrian says the main reason we didn’t see that many withdrawals is because low-income workers bore the brunt of the pandemic and are the least likely to have 401(k)s. Around a third of private-sector workers aren’t offered a retirement-savings plan by their employers.
It will be interesting to see whether Congress will also make early withdrawals easier in 2021 and how savers will react. Share your thoughts below, email us or catch us on Twitter. Your words could appear in our next edition! Have a great week and remember to wash your hands.👋
Meet the team:
Elevate the Conversation is produced by the editorial teams of The Wall Street Journal and Dow Jones Newswires. Here's a little bit more about us, along with our contact information. We'd love to hear from you.
Dieter Holger, Reporter: I have a knack for uncovering values-based investing trends and I’m obsessed with spreadsheets and charts. I really enjoy ‘80s music, skateboarding and yoga (but I’m bad at both). dieter.holger@wsj.com @dieterholger
Maitane Sardon, Reporter: I have a passion for amplifying the voices of those at the center of stories. I love running on Barcelona’s beaches and binging on chocolate ice-cream to compensate (it’s all about balance). maitane.sardon@wsj.com @sardonmaitane
Catherine Lindsay, Editor: I like breaking down complex ideas and explaining them. On the weekend, you’ll find me wandering the city with my film camera at the ready. catherine.lindsay@wsj.com @CathsLindsay
Tammy Lian, Designer: As a visual producer, I'm always excited by the challenge of creative problem solving. In my spare time, you can usually find me taking care of my ever-growing collection of plants and drinking tea. tammy.lian@wsj.com @violian.tammy