The Globe and Mail reports in its Tuesday edition that the announcement by TC Energy that it will split into two separate companies, and spin off its crude oil pipelines business, needs to be seen from the perspective of the changing industry environment. Guest columnist Rashid Husain Syed writes that the movement to focus on environmental, social and governance factors has been gaining popularity with investors, and net-zero regulations worldwide have cast a pall on the future of emissions-heavy industries. Oil now comprises just 12 per cent of TC's earnings. Analysts may question the separation, but it is not hard to see how TC came up with the restructure: It may be the least bad move out of a rotten hand. Make no mistake, this is no equal separation. With TC's decision to retain the name of the company only for its non-pipeline operations, TC is clearly trying to distance itself from its traditional core business of transporting hydrocarbon liquids. The decision follows a similar one by Teck, which has embarked on an ESG-focused split between its metals and coal units. Analysts have questioned how exactly this helps with TC's debt. Even so, the split may well be the wisest choice -- or at least not the worst one.