Joe Biden is expected to revoke the permit for TC Energy’s Keystone XL pipeline Wednesday in a flurry of executive orders after he is sworn in as U.S. president.
Biden will begin the process of re-entering the Paris climate accord and issue a sweeping order tackling climate change, including revoking the presidential permit for Keystone XL.
Plans to revoke the permit for the pipeline were first revealed on Sunday and sent shockwaves through Alberta, where TC Energy is based, and where Premier Jason Kenney’s provincial government has invested $1.5 billion, plus loan guarantees.
In a statement released Wednesday morning, TC Energy said the move would be fatal to the $8 billion project.
“TC Energy will review the decision, assess its implications, and consider its options,” it reads. “However, as a result of the expected revocation of the presidential permit, advancement of the project will be suspended.”
For months, Biden has said he intended to cancel the project if elected. He is being sworn in as the 46th U.S. president during inauguration ceremonies that began at 8 a.m. MT.