The federal government says any company that operates major crude oil pipelines in Canada will be required to have at least $1 billion ready to clean up any damage.
Natural resources minister Joe Oliver made the announcement today (June 26) in Vancouver.
“The measures announced today strengthen Canada’s already strong pipeline system even further,” Oliver said in a news release. “Our vast resource wealth is being developed responsibly, supporting Canada’s growth and generating revenue for critical social programs.”
The federal government also highlighted other pipeline-related measures for companies. They include enshrining the “polluter pays” principle explicitly in law; new fines of up to $100,000 for infractions; and ensuring the public can easily review emergency and environmental plans.