TC Energy, formerly known as TransCanada, has been attempting to build the Keystone XL tar sands pipeline since 2008. For over a decade, Indigenous leaders, water protectors, environmentalists, ranchers, and lawyers have been resisting the project, engaging in direct actions, and waging a series of legal battles challenging the construction of the controversial pipeline.
Enbridge Inc. has a track record of oil spills and Indigenous rights violations. The company has been pushing to replace its existing Line 3 pipeline with a larger pipe that would carry 760,000 barrels of tar sands oil per day from Edmonton, Alberta, to Superior, Wisconsin. In November 2020, Enbridge secured final permits for Line 3 from Minnesota and the federal government and began construction in December, despite COVID risks, legal challenges, and sustained Indigenous-led opposition to the project. When construction started, BlackRock had $336 million invested in Enbridge.