{"id":1128118,"date":"2023-07-11T10:00:21","date_gmt":"2023-07-11T10:00:21","guid":{"rendered":"https:\/\/environmentaldefence.ca\/?p=40547"},"modified":"2023-07-11T10:00:21","modified_gmt":"2023-07-11T10:00:21","slug":"new-report-canadas-oil-and-gas-companies-can-cover-cleanup-costs-but-prioritize-corporate-profits-instead","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2023\/07\/11\/new-report-canadas-oil-and-gas-companies-can-cover-cleanup-costs-but-prioritize-corporate-profits-instead\/","title":{"rendered":"New Report: Canada\u2019s Oil and Gas Companies Can Cover Cleanup Costs but Prioritize Corporate Profits Instead"},"content":{"rendered":"
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Ottawa | Traditional, unceded territory of the Algonquin Anishinaabeg People \u2013 A new report released today by Environmental Defence, Past Due: Tallying the Costs of Oil and Gas Cleanup in Canada<\/a>, finds that oil and gas companies could use their profits to cover the costs of environmental cleanup \u2013 which are currently estimated at $123 billion but could increase up to $220 billion \u2013 but must be forced by governments to do so.<\/p>\n

\u201cOil and gas companies have profited for decades from the destruction of the land,\u201d said Julia Levin, Associate Director of National Climate at Environmental Defence. \u201cDespite promising to clean up after themselves, they\u2019ve used their massive profits to line the pockets of their executives and shareholders \u2013 hoping that no one will hold them accountable for the environmental damage they have created.\u201d<\/p>\n

To get a sense of the scale of Canada\u2019s fossil fuel industry’s current and future liabilities, and what governments should do about them while companies are still producing oil and gas, Environmental Defence Canada commissioned the Parkland Institute to explore three questions:<\/p>\n

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  1. How much Canadian oil and gas production is remaining within climate-safe temperature limits?<\/li>\n
  2. What are the current and future costs of cleaning up the damages left behind by fossil fuel companies?<\/li>\n
  3. How much profit will oil and gas companies generate?<\/li>\n<\/ol>\n

    “In light of Canada\u2019s climate commitments, we wanted to find out the balance between how much Canada\u2019s oil and gas industry has left to profit compared to the growing cost to clean up its mess,\u201d said report author, Megan Egler, Parkland Institute. \u201cThere is a real lack of transparency around environmental liabilities in the industry, but all three scenarios we modelled tell us that companies need to be putting a lot more money toward cleanup.”<\/p>\n

    The report examines three different scenarios for remaining levels of oil and gas production. (Realistically, production will need to be phased out rather than coming to a full halt at the end of the given time periods. However, these three scenarios serve as discussion points.) For each scenario, the report authors estimate both future liabilities and future profits.<\/p>\n