Citing provisions of the Securities Acts of Alberta and Ontario that require public companies to disclose all material facts about their operations and business models, Greenpeace requested that Alberta's Securities Commission freeze, pending review, Kinder Morgan Canada's initial public offering (IPO) based on alleged deficiencies in its prospectus. That prospectus, Greenpeace alleged, misled potential investors regarding prospective oil demand and regulatory and environmental risks related to climate change. Specifically, Greenpeace criticized Kinder Morgan's reliance on outmoded projections of Chinese demand for oil generally, its omission of any mention of decarbonization targets in numerous large economies, and its omission of the fact that markets tend to discount oil sourced from Canadian tar sands. Greenpeace also alleged that Kinder Morgan's general references to climate change fall far short of an adequate evaluation of the climate change-related financial risks identified by the G20's Financial Stability Board, the Bank of Canada, and (though its review of these issues was still underway as of May 2017) the Canadian Securities Administrator.

Kinder Morgan subsequently reviewed and reissued its prospectus after the Alberta Securities Administrator agreed to review the complaint.