In a quarterly update posted directly on the government's website this morning, Clark says she understands the pipeline is a big economic opportunity for Canada.
But she says the risks outweigh the rewards for B.C.
Clark says B.C. wants to see neighbouring Alberta and the rest of the country thrive, but she says it's her job to look out for B.C.'s interests.
The pipeline would generate an estimated $81 billion in tax revenue over 30 years, about $6.7 billion for B.C., $36 billion for Ottawa and $32 billion for Alberta.
Alberta Premier Alison Redford has said B.C. will not be getting any share of Alberta's revenues, and Prime Minister Stephen Harper has said his government will not discuss "hypothetical" revenues from a project that has yet to be approved.