Oil giants including BP and Exxon Mobil have been accused of playing ‘Russian roulette’ with investors’ money because of their links with poor performing Russian energy firms that are drilling in the Arctic.
Three campaign groups – Greenpeace, Platform, and ShareAction – have said that a number of major fossil fuels firms were providing capital and services to the two Russian energy giants, Gazprom and Rosneft, in exchange for access to new oil fields in the Arctic.
But their report, called Russian Roulette: International oil company risk in the Russian Arctic, says that both companies were known for their poor showings in terms of safety and environmental protection.
It highlights five areas of risks involved in partnerships with the Russian energy companies. These include the lack of offshore experience, poor environmental records, the disregard for safety rules, lack of transparency and political risks.
Greenpeace claims that these should concern investors, adding that their money is at risk should drilling operations in the vulnerable Arctic go wrong.
“Shareholders should be seriously concerned about what looks like a collection of open ended risks for their companies”, Charlie Kronick, a senior climate advisor at Greenpeace said.
“Drilling in Arctic waters is already a technically difficult and environmentally risky operation, but doing it in partnership with companies notorious for their poor environmental and safety record, as well as their lack of offshore expertise, is nothing short of a Russian roulette.”
In March, the US interior department banned Anglo-Dutch oil giant Shell from drilling in the Arctic until it was able to prove that it can deal with consequences of a possible spill. The company had previously announced that it would suspend its Arctic activities for the rest of 2013.
Greenpeace, ShareAction and Platform have collaborated on a briefing document, aimed specifically at investors in the big oil firms.
Like our Facebook Page
Solar-Powered Solutions for Lowering City Infrastructure Carbon Footprint
How to Prioritize Sustainability When Studying Abroad
EHS Management is Making the Construction Industry Greener
Best Sustainable Practices in the Construction Industry in 2024
Comparing Renewable Energy: Solar Power, Wind, Hydro & Bio
Maximizing Home Efficiency: The Renewable Way
10 Easy Ways To Make Your Home More Eco-Friendly
Energy Management Mastery: 4 Tips for Green Property Owners
Wonderful Ways to Make Your University Lifestyle Greener
How Construction Companies Can Ensure Sustainable Practices
Insider Tips for an Eco-Friendly Dubai Vacation in 2024
The Coming Social & Environmental Challenges of eCommerce
How You Can Cool Your Home Without Warming the Planet
Polythene Bags and Food Safety: Crucial Role in Food Packaging
How Can Field Service Companies Reduce Their Carbon Footprint?
Solo Eco-Tourism Misconceptions That Need To Be Debunked
5 Tips for Creating a Sustainable Living Space
Embracing Sustainability: 7 Tips for Eco-Friendly Shopping
Crypto Market Makers Are Becoming More Eco-Friendly
Eco-Friendly Benefits of Energy Efficient Mortgages
- Features8 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment12 months ago
6 Home Improvements You Can Make to Help the Environment
- Editors Choice11 months ago
7 Tips to Minimize the Negative Impact Businesses Have on the Environment
- Environment12 months ago
The Truth About The Environmental Impact of Dogs