The fossil fuel industry has a trillion-dollar secret weapon to kneecap climate action
On his first day in office, President Joe Biden revoked the permit for the controversial Keystone XL Pipeline, which would have brought exceptionally dirty oil south from Canada across the Plains. The project’s owner, Calgary-based TC Energy, saw billions in future profits go up in smoke. So it turned to an arcane but potentially explosive tool to try to recoup the loss, filing a claim under the now-defunct North American Free Trade Agreement. The company is seeking $15 billion.