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Zurich Insurance Drops Coverage For Trans Mountain Oil Pipeline

“Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups.

All financial services companies are under pressure from environmental campaigners to cease doing business with the fossil fuel industry.

A planned expansion of the Trans Mountain pipeline, which ships oil to British Columbia from Canada’s main oil-producing province of Alberta, has also drawn ire from some First Nations leaders anxious about the impact on their communities. “

Noor Zainab Hussain, Carolyn Cohn, Rod Nickel, and Suzanne Barlyn report for Reuters July 22, 2020.