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Report: Canada's Oil Sands Face Significant Financial and Environmental Risks as Great as Those in BP Spill

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Follow up to postings on the Gulf Coast oil spill, via RiskMetrics Group and Ceres, this new report – Canada’s Oil Sands: Shrinking Window of Opportunity

  • “While public attention is focused on widespread environmental and financial damage from the Gulf of Mexico oil spill, a new Ceres report released today shows that the environmental and financial risks of producing oil in Canada’s vast oil sands region may be even greater. Alberta’s oil sands are already the world’s largest energy project—with $200 billion in funds committed from the world’s leading oil producers, including BP, ExxonMobil and Shell. However, these producers face numerous environmental, production and distribution challenges that will grow as the oil sands industry pushes to boost production amid tighter regulations and resource constraints, concludes the Ceres-commissioned report authored by RiskMetrics Group. Oil sands companies in Alberta are already producing 1.3 million barrels a day, and their goal is to triple production by 2030.”
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