sri-advisor.com
where checking accounts rebuild communities
Back to homepageInstitutional ReportsSRI Financial Professionals DirectoryToolsNewsSRI Performance and TrendsAbout Us   
News


April 14, 2011
Investors Urge EPA to Review Proposed Alaska Pebble Mine
    by Robert Kropp

Led by Calvert and Trillium Asset Management, the investor coalition joins local activists to warn of potential ecosystem degradation if permits for proposed mine are approved.


The Bristol Bay region in southwest Alaska is home to the richest commercial wild salmon fishery in the world. According to Our Bristol Bay, "everything - communities, jobs, and the health of the entire ecosystem from grizzlies on down the food chain," depends upon the continued health of the wild salmon population there.

Given the pristine nature of the extensive wilderness around Bristol Bay, and the dependence of the economy on the commercial fishing activities there, local organizations have risen up in protest over a pebble mine planned for the area by the UK-based Anglo American and Northern Dynasty, a Canadian mining company. The consortium, the Pebble Limited Partnership (PLP), plans to apply for federal and state permits in spring of 2011, according to Save Bristol Bay, one of the local organizations.

Now, a coalition of investors, led by Calvert Investments and Trillium Asset Management and representing over $170 billion in assets under management, have urged the US Environmental Protection Agency (EPA) "to initiate a review process under the Clean Water Act to evaluate the mine waste impacts of the proposed Pebble Mine," according to a press release.

"This proposed mine has potentially devastating consequences for the people and the ecosystem of Bristol Bay," stated Jonas Kron, vice president at Trillium, thereby necessitating an EPA review.

A report on the environmental performance of Anglo American, the world's second-largest mining company, raises further concern, stating, "Whether it is the poor safety record of its platinum and formerly owned gold mines, the failure to control acid mine drainage in Zimbabwe, the repeated spills of mine waste into communities in Ghana and South Africa, the mercury air pollution in the US, degraded rivers in Ireland, or the unfair treatment of subsistence villagers displaced from their land in places such as South Africa, Anglo American can hardly be considered a model of good corporate citizenship."

"Ecosystem degradation is of serious concern to investors," Stu Dalheim, director of shareholder advocacy at Calvert, stated. "A recent United Nations report showed environmental costs from global human activity equate to an estimated US$ 6.6 trillion approximately 11% of global GDP in 2008."

By 2050, the report continued, "global environmental costs are projected to reach $28.6 trillion, equivalent to 18% of GDP," in a business-as-usual scenario.

 

 
Home
| Reports | SRI Financial Professionals Directory | Tools | News | SRI Performance and Trends | About Us | Contact
© SRI World Group, Inc. - All rights reserved
Terms of use - Privacy Policy - OneReportTM Network