Friday, June 3, 2011

NEI calls for “effective and credible” oil sands monitoring

NEI Investments, owner of Ethical Funds, has released its submission to the Alberta Environmental Monitoring Panel, a team of experts asked to recommend principles and objectives for a world-class environmental monitoring system, beginning with the oil sands region.

“Awareness has been increasing among investment institutions that the environmental and social impacts of oil sands development could pose risks to the long-term value of the companies involved,” NEI says in its submission letter. “Establishing an effective and credible monitoring system is a key public policy intervention that can help to mitigate these risks and create greater certainty for investors.”

“A world-class environmental monitoring system should produce credible information, backed by a credible process. It is imperative that all stakeholders should have confidence in the quality of the data being gathered, and confidence in the body responsible for gathering it.”

Later this month, the panel will issue its initial report and recommendations.

The NEI comments were submitted on behalf of companies representing over $1.2 trillion in assets under managements, including Batirente, the BC Investment Management Corporation, Calvert Investments, Meritas and Vancity.

A copy of NEI’s submission letter is available here.

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