Investors called on to avoid tar fields
Date: 28 Jul 2008
Investors have been urged to avoid controversial projects to extract oil from tar fields after evidence that the process creates up to eight times more carbon emissions than standard oil production, as well as bringing higher environmental costs in other areas such as water use.
The report, produced jointly by WWF and Co-operative Investments in the UK, focuses on tar sands production sites in Canada and the US, and said that such extraction brought unacceptably high reputational risks arising from the environmental harm caused - something which investors should be mindful of, as well as dangers from likely future legislation.
Most of the key oil firms, including Shell, BP and ExxonMobil, remain committed to projects extracting oil from tar fields.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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