ExxonMobil – Environmental Impact of Oil Sands (2011)
WHEREAS ExxonMobil has significant investments in the Canadian oil sands. ExxonMobil owns 69.6% of Imperial Oil, one of Canada’s largest oil companies. Imperial is 100% owner of the Cold Lake oil sands project and also owns 25% of Syncrude. ExxonMobil and Imperial jointly own and operate 100% of the Kearl oil sands project. According to ExxonMobil’s 2009 10-K, the oil sands represent approximately 11% of proved reserves, demonstrating our company’s dependence on Canada’s oil sands for long term growth. There are significant environmental, social and economic challenges associated with the oil sands. The resource-intensive and environmentally damaging nature of oil …
Chevron – Environmental Oversight (2011)
WHEREAS Environmental expertise is critical to the success of companies in the energy industry because of the significant environmental issues associated with their operations. Shareholders, lenders, host country governments and regulators, and affected communities are focused on these impacts. A company’s inability to demonstrate that its environmental policies and practices are in line with internationally accepted standards can lead to difficulties in raising new capital and obtaining the necessary licences from regulators. Chevron has repeatedly been cited for allegedly harmful environmental practices: Chevron is on trial in Ecuador for widespread contamination of Amazonian land and water resources by Texaco in …
Anadarko – Environmental Impacts of Hydrofracturing (2011)
WHEREAS Onshore “unconventional” natural gas production often requires hydraulic fracturing, which typically injects a mix of millions of gallons of water, thousands of gallons of chemicals, and particles deep underground to create fractures through which gas can flow for collection. According to the American Petroleum Institute, “up to 80 percent of natural gas wells drilled in the next decade will require hydraulic fracturing.” The potential impacts of those fracturing operations stem from activities above and below the earth’s surface — including actions that are necessarily part of the life cycle of fracturing and extraction, such as assuring the integrity …
ConocoPhillips – Environmental Impact of Oil Sands (2011)
WHEREAS ConocoPhillips has extensive interests in oil sands operations (11% of proved reserves as of 12/31/09) in the Canadian boreal forest region. Our company is the operating partner of the Surmont oil sands venture and is a partner in the FCCL Oil Sands Partnership, in addition to having interests in other properties. Oil sands extraction requires heavy water use, land disturbance, toxic waste storage, and emission of air pollutants. These environmental impacts, along with their implications for local populations and wildlife, can introduce legal, regulatory and reputational problems to oil sands companies. Industrial logging and oil sands have reduced the …
Duke Energy – Financial Risks of Continued Reliance on Coal (2011)
WHEREAS Electric utility companies that rely on coal face numerous challenges and uncertainty regarding environmental compliance costs, and the cost of carbon capture and storage for coal plants. Declining reserves of high quality central Appalachian coal, unprecedented price increases and coal price-volatility, versus abundant supplies and record low-prices for cleaner burning natural gas, and declining costs for wind and solar energy, make continued reliance on coal increasingly problematic. Coal combustion for electricity is a major contributor to air pollution, accounting for one third of nitrous oxides (NOx), 50% of mercury, a hazardous air pollutant, and over 36% of carbon dioxide …
St. Jude Medical – Sustainability Report (2011)
WHEREAS Internationally recognized index leader Dow Jones defines sustainable business as “encouraging long lasting social well being in communities where [companies] operate, interacting with different stakeholders (e.g. clients, suppliers, employees, government, local communities, and non-governmental organizations), and responding to their specific and evolving needs, thereby securing a long-term ‘license to operate,’ superior customer and employee loyalty, and ultimately superior financial returns.” We believe reporting on significant environmental, social and governance (ESG) factors makes a company more responsive to the global business environment, characterized by finite natural resources, changing legislation, and heightened public expectations for corporate accountability. Reporting helps companies better …
Royal Bank of Canada – Tar Sands Financing
WHEREAS RBC’s 2009 Environmental Blueprint believes that “preservation of the environment is fundamental to the sustainability of our communities, our clients and our company.” This document recognizes that “it is of vital importance that we all contribute to efforts to reduce greenhouse gas emissions” and that “the identity, cultural beliefs and economies of some indigenous peoples are intrinsically tied to their region’s history, biodiversity and natural landscapes” and that “financial institutions should play a role in supporting efforts to address global water issues.” Notwithstanding these policy commitments, RBC is among the largest financiers of companies engaged in oil sands operations …
Trillium Joins Investors Opposing California Proposition 23
Trillium Asset Management Corporation joined Ceres and a coalition of 68 investors urging California voters to oppose Proposition 23. This ballot initiative would halt implementation of the state’s landmark, bipartisan clean energy law, AB32. Trillium opposes the proposition on the grounds that it will eliminate the market signals necessary for safe investment into clean technology, hurt job growth in California, inhibit energy price savings and stability, and have a negative impact on citizen’s health and quality of life. Please click here to see the Press release from Ceres. …
Trillium joins Ceres, Other Investors to Press Energy Companies to Better Disclose Spill Prevention and Response Plans for Deepwater Wells Worldwide
In the wake of the largest oil spill in the nation’s history resulting from the explosion on the Deep Horizon oil rig, Trillium has joined over 50 U.S. and other global investors in sending letters to major energy companies asking the companies to disclose information regarding their risk oversight measures, including spill prevention and response plans, for their own offshore oil operations around the world. A second letter, sent to 26 insurance companies that provide insurance for offshore drilling activity, asks whether the companies are considering adjustments to their overall exposure to offshore oil and gas operations, or considering changes in …
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