President Biden rejected a top-ranked supplier on the global environment, social and governance (ESG) investment scale by blocking TC Energy Inc.’s Keystone XL oil export pipeline project, according to the Alberta provincial government.

keystone route

“Based on aggregated…performance from the Yale Environmental Performance Index, Social Progress Index, and World Bank Governance Index, Canada is third behind Norway and Denmark in ESG,” said the amicus brief filed by the province.

“This rating is a direct reflection of the importance that Canada, Alberta, and their oil producers place on improving environmental performance and governance, investment in technology and innovation, and open and strong stakeholder and Indigenous relations.”

TC in July revived a five-year-old trade...