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However, the decision rests with the incoming president.
If Biden lives up to his word, what happens with the financial commitment made by the province through the Alberta Petroleum Marketing Commission?
“In my mind, they were pretty explicit that they were saying we’re going to put $1.5 billion at risk to get the construction going,” said former APMC chief executive Richard Masson, now an executive fellow at the University of Calgary’s School of Public Policy.
“If the pipeline gets cancelled, we are out the $1.5 billion, and it’s up to the government to convince us we are not going to lose the whole $1.5 billion.”
For Ganley, another key question is what happens with the province’s loan guarantee of up to $6 billion, which is slated to kick in at the start of next year.
Speaking to reporters on Friday, Kenney provided some clarity, noting TC Energy is developing its lending syndicate for the project to support construction in 2021.
“It’s a very small portion of the loan guarantee (that) would be triggered at the beginning of the year, but the balance would be held back to help secure financing month by month as construction proceeds next year,” he said.
But how much money would be at risk at that time?
What happens if Biden nixes the permit shortly after taking office in late January — or waits a few months before making a final decision?
“Alberta put billions of dollars into what was a risky project,” said Anthony Swift of the National Resources Defense Council.
