Investors call for better oil sands monitoring

Enviromine

Publishing Date: 05 Jul 2011 11:09am GMT
Author: Mining, People and the Environment

Corporate Social Responsibility CSR Pollution & Waste management Ecology & Biodiversity

Investment groups representing over US$1,300 billion in assets under management have submitted a call to the Alberta Environment Monitoring Panel for ‘world-class’ monitoring of Alberta’s oil sands.

The independent panel was created earlier this year by Alberta’s Environment Minister Rob Renner, whose task is to make suggestions for developing a province-wide, world-class environmental monitoring, evaluation and reporting system.

The panel was due to issue a report with its recommendations by the end of June, and in the interim, has sought comment from relevant parties.

NEI Investments and 25 other investment groups have submitted a comment about the development of oil-sands operations in Alberta.

“Awareness has been increasing among investment institutions that the environmental and social impacts of oil sands development could pose risks to the long-term value of the companies involved” NEI Investments said, adding: “If the impacts are not understood, acknowledged and mitigated in a timely fashion, over the long term, companies may be exposed to risks”.

In its submission to the panel, the group called for the establishment of a monitoring system that can help to mitigate these risks and create greater certainty for investors. It asked for a system that is science-based, peer-reviewed and that includes a requirement that reviews are responded to.