Bp's Deepwater Horizon disaster in the Gulf of Mexico served as a wake-up call for many of us who never before paid attention to the destructive energy projects happening all around the world. But while Deepwater Horizon may have attracted the lion's share of media attention this past Spring and Summer, there are a number of other toxic projects still going on. Below, we look at some of the worst.
Alberta Tar Sands
Alberta, Canada is home to the second biggest recoverable oil reserve in the world: the infamous Athabasca tar sands. But the massive deposit of heavy crude oil (aka bitumen) is under a staggering 54,000 square miles of boreal forest and peat bogs, which are slowly being destroyed by the open pit mining used to recover Alberta's oil. These open pit mining projects also deposit toxic mercury, arsenic, cadmium, and lead into the Athabasca river system, creating "masses of toxic soup.
Alberta Tar Sands
Alberta, Canada is home to the second biggest recoverable oil reserve in the world: the infamous Athabasca tar sands. But the massive deposit of heavy crude oil (aka bitumen) is under a staggering 54,000 square miles of boreal forest and peat bogs, which are slowly being destroyed by the open pit mining used to recover Alberta's oil. These open pit mining projects also deposit toxic mercury, arsenic, cadmium, and lead into the Athabasca river system, creating "masses of toxic soup.
- 9/7/2010
- by Ariel Schwartz
- Fast Company
Can big banks ever be sustainable? The numerous government loans funneled to the largest banks in the U.S. indicate that entities like J.P. Morgan Chase and Bank of America might not be completely economically sustainable, but they are at least making strides in other types of sustainability. Author and investment adviser R. Paul Herman compares these two banks in the new book The Hip Investor. Below, we do the same.
J.P. Morgan Chase deserves credit right off the bat for transparency. The company offers a sustainability case study (courtesy of Accenture) on its Web site, as well as a comprehensive environmental policy, multiple Csr reports, and a list of environmental initiatives. J.P. Morgan also subscribes to "The Equator Principles"-- a framework for evaluating risk in social and environmental areas.
But J.P. Morgan still has some work to do. The company was recently given a grade of F on...
J.P. Morgan Chase deserves credit right off the bat for transparency. The company offers a sustainability case study (courtesy of Accenture) on its Web site, as well as a comprehensive environmental policy, multiple Csr reports, and a list of environmental initiatives. J.P. Morgan also subscribes to "The Equator Principles"-- a framework for evaluating risk in social and environmental areas.
But J.P. Morgan still has some work to do. The company was recently given a grade of F on...
- 5/26/2010
- by Ariel Schwartz
- Fast Company
Mountaintop removal is one of those instinctively gut-wrenching things--it's never pretty to see natural habitats blown open to make room for coal mining. And yet, many of the biggest banks in the U.S. continue to fund the practice, according to a report from the Rainforest Action Network.
Nine banks--Bank of America, Citi, Morgan Stanley, Credit Suisse, Wells Fargo, Ge Capital Corp, JPMorgan Chase, Pnc, and Ubs--have funded $3.9 billion in loans and bond underwriting for companies involved in mountaintop removal. The latter four banks are given F grades by Ran due to continued activity in mountaintop removal without clear investment policies. Citi fares slightly better with a grade of C-, as Ran explains:
Citi’s policy lacks an identified performance threshold. Since 2010, Citi has reported on the number of MtR company transactions that have been through their "enhanced due diligence process" and the number of transactions that were approved and closed.
Nine banks--Bank of America, Citi, Morgan Stanley, Credit Suisse, Wells Fargo, Ge Capital Corp, JPMorgan Chase, Pnc, and Ubs--have funded $3.9 billion in loans and bond underwriting for companies involved in mountaintop removal. The latter four banks are given F grades by Ran due to continued activity in mountaintop removal without clear investment policies. Citi fares slightly better with a grade of C-, as Ran explains:
Citi’s policy lacks an identified performance threshold. Since 2010, Citi has reported on the number of MtR company transactions that have been through their "enhanced due diligence process" and the number of transactions that were approved and closed.
- 5/17/2010
- by Ariel Schwartz
- Fast Company
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