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You can’t say Jason Kenney is afraid of placing big, bold bets on the energy front.

His government’s decision to invest in the Keystone XL pipeline project is a momentous step.

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Not only will the UCP government make a $1.5-billion equity investment in a private-sector project — giving the province a stake in Keystone XL — Alberta will also provide a $6-billion loan guarantee for TC Energy to build the cross-border pipeline.

“It is a solid bet that will produce a handsome return for Albertans and it will rescue the future of our energy industry,” Kenney told reporters Tuesday.

“The risks are obvious . . . The current crisis calls for dramatic action now to create jobs.”

These risks include the ongoing legal, political and regulatory hurdles that have confronted the project since it was first proposed in 2008.

Then there are the implications of a collapse in oil prices and a global economic downturn tied to the coronavirus pandemic. It’s unclear how long it will take for the economy to rebound or for oil prices to recover.