Signaling his commitment to quickly confront climate change, President-elect Joe Biden is planning to move within days to quash the controversial multibillion-dollar Keystone XL pipeline, according to two individuals familiar with the decision who spoke on the condition of anonymity because it had not been announced yet.

The politically symbolic pipeline, promoted by the oil and gas industry since it was first proposed about 15 years ago, has drawn opposition because it would carry tar sands, or heavy bitumen, from the boreal forests of northern Alberta, Canada, to refineries on the U.S. Gulf Coast. The energy used in extracting these molasses-like petroleum supplies would contribute heavily to climate change.

As large financial institutions have become more sensitive to climate considerations, several major banks have announced that they would no longer lend money to oil sands extraction projects.