Total Financing from RBC:
RBC provides Coastal GasLink with working capital, including CAD $275 million in project finance, a co-financed $6.5 billion loan, a $40 million corporate loan, and $200 million in co-financed working capital.
RBC owns $4.78 billion worth of shares in TC Energy and RBC also acts as a financial advisor for the Coastal GasLink pipeline; a project violating Indigenous rights
Coastal GasLink at a Glance
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The Details on Coastal GasLink
The Coastal GasLink pipeline would carry fracked gas through unceded Wet’suwet’en land to be converted to liquified natural gas (LNG) for export.
Credit: CBC Canada/Office of the Wet’suwet’en
All five clans of the Wet’suwet’en have unanimously opposed oil and gas pipelines on their territories and have not permitted Coastal GasLink to build on their lands, including issuing multiple eviction notices to TC Energy, Coastal GasLink, and the RCMP.
The project’s budget is ballooning, with reports of a 70% increase released in July 2022, bringing the current construction cost to $14.5 billion, from the original cost estimate of $6.6 billion. RBC could stop Coastal GasLink at any time by pulling its financing, and all financing towards new fossil fuel projects.
Project Details:
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Location
From Dawson Creek to Kitimat in northwestern British Columbia, Canada
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Project Type
Fracked gas pipeline
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Size
670 km (416 miles)
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Communities
Wet’suwet’en Nation, North Central BC
Has 22,000 km of traditional, unceded territory -
Communities within the yintah/territory:
Hagwilget,Witset, Broman Lake Burns Lake, Nee Tahi Buhn, Skin Tyee, Nadleh Whut’en, Nak’azdli (Dakelh Carrier Nation), Gitxsan, Haudenosaunee, Dene