financial liabilities
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The true cost of cleaning British Columbia mines skyrockets
A recent analysis reveals that addressing the pollution from British Columbia's Elk Valley coal mines, specifically selenium contamination, may cost more than $6.4 billion, far exceeding earlier estimates.
Francesca Fionda and Ainslie Cruickshank report for The Narwhal.
In short:
- The cleanup cost for BC's largest mining operation is significantly underestimated, posing financial risks to taxpayers.
- An independent report challenges the $1.9 billion security held by the province for Teck's mines cleanup, suggesting the actual cost could be much higher.
- Teck disputes the report's findings, asserting their commitment to covering all reclamation expenses without taxpayer burden.
Key quote:
“They’ve severely underplayed the problem and B.C. taxpayers stand to foot a multi-billion-dollar bill if anything goes wrong,”
— Simon Wiebe, a mining policy and impacts researcher at Wildsight
Why this matters:
Be it coal mines or abandoned oil and gas wells, dodging remediation costs and shifting the financial burden to taxpayers is a common occurrence in the fossil fuel space. Coal especially, spreads toxics during every phase of extraction, transportation, consumption and waste management.
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U.S. hit by record number of high-cost disasters in 2023
There were 28 storms, wildfires or other disasters that each cost at least one billion dollars in damages, a sign of the growing economic burden of climate change.
Lawmakers want answers on damage and costs linked to idled ‘zombie’ coal mines
Sen. John Fetterman, the Pennsylvania Democrat, joins a call for a national GAO investigation into a problem that could fall to taxpayers to solve.
Kahunapule Michael Johnson/Flickr
Hawaiian Electric’s insurance is far less than the claims made against it after wildfire
Hawaiian Electric is severely underinsured to pay victims of August’s deadly Maui wildfire and repair its own damaged infrastructure, according to a filing with state regulators this week, raising questions over how it could cover billions of dollars in claims if it is found liable for starting the blaze.
‘Outrageously bad’: Alberta taxpayers pick up another multimillion tab for oil companies’ land rent
Alberta paid $14 million in rent on behalf of delinquent oil companies in 2022. The government is supposed to recoup that money from companies but data shows debt collection remains below one per cent.
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Price to plug old wells in Gulf of Mexico? $30 billion, study says.
There are roughly 14,000 old, unplugged wells in the gulf that are at risk of springing leaks or causing environmental damage, researchers found.
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Orphaned oil wells are one problem; inactive wells are potentially much bigger
Crews plugged 100 orphaned oil wells last week, but even that rapid pace isn't enough to keep up with the problem in Louisiana.
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