The Social Injury of Tar Sands and Fossil Fuels

7/30/2019 The Social Injury of Tar Sands and Fossil Fuels

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THESOCIALINJURYOFTARSANDSANDFOSSILFUELS

ByDivestMcGill

Summary

he students, alumni, faculty, and staff ofMcGill University havemade clear

their strongdesiretoseeresponsible investmentpractices astheycalledon

the University to divest its holdings in the Tar Sands, fossil fuel companies, and

financialinstitutionsthatgiveloanstothosecompanies.

The Tar Sands pollute the air and rivers of Northern

Alberta, causing irreparable damage to the land and to the

FirstNationscommunitiesthatliveoffofit.

Global climate change threatens Canadians and peoples the world over.

EntireneighbourhoodsofcitieslikeVancouver,NewYork,andNewOrleanscould

be underwater due to sea level rise, and polar communities already face

extraordinary levels ofwarming.Cities likeMontrealand Torontowill facemore

extremeweatherevents, including snow storms and heat

waves, and the continued burning of fossil fuelsin

particular oil from the Tar Sandswill make runaway

warmingunavoidable.

The fossil fuel companies considered in this brief

actively engage inmisinformation campaigns to discredit

the rigorous scientific consensus that threatens their

continuedprofits.

FinancialinstitutionsprovidethecapitaltomakelargescaleprojectsliketheTarSandsormountaintopremovalfeasible.

Itisclearthaturgentactionisneededtocounterthethreatofglobalclimate

change.TheMcGillcommunityhasspoken,andwecallontheBoardofGovernorsto

maketherightchoicefortheplanet,andtherightchoiceforus.

T

Companieswhichextractnatural

resources without adequateenvironmental consideration are

undermining the stability of the

verysystemswhichwe,andalllife

on Earth, depend upon for

survival.

-McGillStudent

By participating in the

exploitation of theCanadian

environmentanditspeoples,

McGill is making decisions

forallofus.-McGillStudent


2/16

TheTarSands:ALocalandGlobalConcern

heTarSandsarehugedepositsofbitumenamixofclay,water,sandandoil

that is turned into oil through complex and energy-intensive processes that

causewidespreadenvironmentaldamage.Small particlesof sand arecoatedwith

heavyoil,withathinlayerofwaterseparatingthetwo.Thesandandwatermustbe

separatedfromtheoil,producingfourtonsofsandforeverybarrelofoilextracted.

Anotherthreebarrelsofwatermustberemovedfromtheriverforeachbarrelofoil,

amassive quantity ofwater. The2010 Survey of Energy Resources describes the

reserves:

Natural bitumen and extra-heavy oil are

characterised byhighviscosity, highdensity(lowAPIgravity),andhighconcentrationsof

nitrogen,oxygen,sulphur,andheavymetals.These characteristics result in higher costs

for extraction, transportation, and refining

thanareincurredwithconventionaloil.1

ThelargestdepositsofTarSandsintheworldarein

Canada. Unlike drilling for oil deposits and pumping oil

fromtheground,thetarsandsaretypicallyminedtogetat

thebitumenandrefineitintooil.

InAlberta,the excavation of the tar sands pollutes

the Athabasca River and fills the air with toxins. The tar

sands are found mainly underCanadas Boreal forest,2

requiring the forest to be clear-cut to allow the excavation of the bitumen. The

ecosystems of the North face incredible harm, and the companies promises of

rehabilitation and reclamationremain unfulfilled. In2008, only 0.2%of the land

disturbedbytarsandsminingwasdesignatedreclaimed,andeventheretheforestthe complex of forests and low-lyingwetlands has beentransformedinto adry,

1WorldEnergyCouncil.2010SurveyofEnergyResources(London:WorldEnergyCouncil,2010)123.

2SierraClubCanada.TarSandsandtheBorealForest..

T

[F]ossil fuel production itself,

including in Canada, is

associated with negative social

impacts in the communities

nearby, such as higher than

average rates of homelessness,

substanceabuse,anddivorcein

Fort McMurray, close to the

Alberta tar sands. Not to

mentionthatnearbyindigenous

communitiesareno longerable

touse their traditional territory

as it has been taken over by

development, and are seeing

increasedratesof illnesses suchascancer,whichmaybedueto

their downstream locationfrom

theproject.

-McGillStudent


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hilly uplandwith new trails for humanuse.The spokesperson of Syncrude, the

company that owns the reclaimed land, proudly said, If people arent looking

closely,itblendsintothenaturallandscape.3Over65,000hectaresofforesthave

beenlostalready,withlittlehopeofrecovery.4

The environmental, socialand health costsof the tar sands in Canada are

tremendousandmultilayered.

In any discussion of climate change, the Tar Sands are of the utmost

importance.EverybarrelofbitumenproducedfromtheTarSandsemitsthreetimes

asmuchgreenhousegasasconventionaloil.5Intotal,theTarSandsareexpectedto

emit108milliontonsofGHGsannuallyby2020,aboutonefifthofCanadasentire

carbonfootprint.6

Already,thisprojectemitsmorecarbonthanallofCanadascars,40milliontonsperyear.7Becauseofthetarsands,Canadasemissionshavegrown

moresince1990thananyotherG8nationatotalincreaseof24.1%between1990

and2008andCanadahasoneoftheworldshighestpercapitacarbonfootprints.8

FormerclimatescientistJamesHansenwroteintheNewYorkTimesthat,IfCanada

proceeds[withthisdevelopment],andwedonothing,itwillbegameoverforthe

climate.9 The Tar Sands are a project with extraordinary global impacts that

threatenrunawayclimatechange.

3Hildebrand,Joyce.ReclamationIllusionsinOilSandsCountry:LackofLegislation,Financial

Preparedness,UnderminereclamationEfforts

4Timoney,KevinP.andPeterLee.DoestheAlbertaTarSandsIndustryPollute?TheScientific

Evidence(TheOpenConservationBiologyJournal,2009,3)65-81.

.

5Nikiforuk,Andrew.TarSands:DirtyOilandtheFutureofaContinent.(Vancouver:Greystone,

2010)3.

6Schindler,David.TarSandsNeedSolidScience(Nature468,25Nov2010)499-501.

7Greenpeace.TarSands:LearnAbout.

8UnitedNationsFrameworkConventiononClimateChange.Reportoftheindividualreviewofthe

annualsubmissionofCanadasubmittedin201021April2011.

9Hansen,James.GameOverfortheClimate(NewYorkTimes,9May2012).


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TheTarSandsalsohavemorelocalimpacts.FirstNations

communities in the tarsands area reportunusuallyhigh

levelsofrarecancersandautoimmunediseases,andfish

that live downstream of the development are often

malformed and inedible.10 The high concentration of

developmentinonewatershedresultsincorrespondingly

high levels of contaminants and heavy metals, and the

ecosystemislessabletoflushthemoutoftheregion.Indeed,a2009studyfounda

two to threefold increase in summer mercury levels in the river below the Tar

Sands, along with large increases in polycyclic aromatic hydrocarbons, potent

atmosphericpollutants.Similarcontaminantswerepresentinsnowandice.11

Muchoftheexcesswaterfromtheproductionprocessendsupinhugetailing

ponds,whichkillbirdsthatlandinthemandaresuspectedofseepingchemicals

intogroundwater.12Thesepondscontainover720millioncubicmetresofwater,

covering over 130 million square kilometers of land. In the forty years of

development,notasingletailingpondhasbeencleanedenoughtobedesignatedas

reclaimed.13Environmentalgroupshavepresentedstrongevidenceoftailingpond

leakage, and oil companies have implicitly recognized the existence of the

problem.14Intotalasmanyas166millionbirdscouldbelostoverthenext30to50

10Schindler,David.TarSandsNeedSolidScience(Nature468,25Nov2010)499-501.

11LiberalReportfromtheStudyoftheStandingCommitteeonEnvironmentandSustainable

DevelopmentontheImpactofOilSandsDevelopmentonCanadasFreshwater.TheHidden

Dimension:WaterandtheOilSands15-17.

.

12

Schindler,David.TarSandsNeedSolidScience(Nature468,25Nov2010)499-501.

13NewDemocraticReportontheStandingCommitteeReviewoftheImpactsofOilSands

DevelopmentsonWaterResources.MissinginAction:TheFederalGovernmentandtheProtection

ofWaterintheOilSands13.

1414LiberalReportfromtheStudyoftheStandingCommitteeonEnvironmentandSustainable

DevelopmentontheImpactofOilSandsDevelopmentonCanadasFreshwater.TheHidden

As a leading educational and

research institution in Canada,

McGillhasaparticularresponsibility

to promote the development and

useofenvironmentallysoundenergy

alternatives,andtorespectthelandrights of indigenous peoples in

Quebec.

-McGillStudent


5/16

years due tohabitat lossandtailingponds.15 Furthermore,theeconomicbenefits

promisedtonativecommunitiesupnorthhavenotnecessarilymaterialized,andthe

developmentcomesatatremendoushumancost.ThePembinaInstitutehighlights

serioushealthconcerns,including,

A 30% increase in cancers in Fort Chipewyan compared withexpectedratesoverthelast12years.

Athree-foldincreaseinleukemiasandlymphomas.Aseven-foldincreaseinbileductcancers.Other cancers, such as soft tissue sarcomas and lung cancers inwomen,werealsoelevated. 16

The development of the Tar Sands threatens communities acrossAlberta,

pollutesthelocalenvironment,andcontributestoglobalclimatechange.

ClimateChange:AGlobalThreat

ccordingtotheBoardofAtmosphericSciencesandClimate,thearmwithinthe

American National Academies for atmospheric and climate sciences, The

preponderanceofthescientificevidencepointstohumanactivitiesespeciallythe

release of C02and other heat-trapping greenhouse gases (GHGs) into the

atmosphereas the most likely cause for most of the global warming that has

occurredoverthelast50yearsorso.17

Scientists agree that the highest safe level ofC02at350parts permillion;

humanemissionshavenowpushedthelevelofC02intheatmosphereto392ppm.18

TheBASCfurtheradvisesthat,Thefasteremissionsare

reduced,thelowertherisksposedbyclimatechange.Delays

Dimension:WaterandtheOilSands15..

15

Wells,JeffPh.D.DangerintheNursery:ImpactonBirdsofTarSandsOilDevelopmentinCanadasBorealForest(NationalResourcesDefenseCouncilReport,Dec2008)iv.

16Droitsch,DanielleandTerraSimieritsch.CanadianAboriginalIssueswithOilSands:A

CompilationofKeyIssues,ResolutionsandLegalIssues(ThePembinaInstitute:Sept2010)2.

17CommitteeonAmerica'sClimateChoices,NationalResourceCouncil.America'sClimateChoices.

Washington,D.C.:NationalAcademiesPress,2011.15.

18350.org.Science.2012..

A

I do not want my tuition

moneytoberesponsibleforthe

destructionofcommunitiesand

alsothecreationofthebiggest

environmentaldisasterthatwe

haveseen.

-McGillStudent


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inreducingemissionscouldcommittheplanettoawiderangeofadverseimpacts..

[and]therisksassociatedwithdoingbusinessasusualareamuchgreaterconcern

thantherisksassociatedwithengaginginstrongresponseefforts.19

Canada,throughitsinternationalagreementshasmadestrongcommitmentstoagreenfuture.Inthe2010CancunagreementsoftheUnitedNationsFramework

ConventiononClimateChange,Canadaaffirmed:

thatclimatechangeisoneofthegreatestchallengesofourtime. . .[and]thatdeepcutsinglobalgreenhousegasemissionsarerequired

according to science, and asdocumented in the Fourth AssessmentReportoftheIntergovernmentalPanelonClimateChange,withaview

toreducingglobalgreenhousegasemissionssoastoholdtheincrease

inglobalaveragetemperaturebelow2Cabovepreindustriallevels,

andthatPartiesshouldtakeurgentactiontomeetthislong-termgoal,consistentwithscienceandonthebasisofequity.20

Despite the scientific consensuswhich has been endorsed by every

National Academy of science of everymajor country on the planet, everymajor

professionalscientificsocietyrelatedtothestudyofglobalwarmingand98percent

ofclimatescientiststhroughout theworld,writesAlGore21anddespiteCanadas

strongpubliccommitments,ourcountryispushingforwardwithdevelopingtheTar

Sands,hasbarelyevenslowedtherateofgreenhousegasemissionsgrowthletalone

reducedemissions,andunderthecurrentgovernmenthaspulledoutoftheKyoto

Protocol.

Climate change raises global average temperatures. Every summer, new

temperaturerecordsaresetacrosstheglobe.MuchoftheSouthWestUnitedStates

saw unprecedented wildfires and droughts, while regions across the world face

extraordinaryfloodingandstorms.

19CommitteeonAmerica'sClimateChoices,NationalResourceCouncil.America'sClimateChoices.

Washington,D.C.:NationalAcademiesPress,2011.2.

20UnitedNations.FrameworkConventiononClimateChange.(UnitedNations,1992)2-3..

21Gore,Al."ClimateofDenial:CantheScienceandtheTruthWithstandtheMerchantsofPoison?"

RollingStoneJun201126.


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Climatescientistsusedtosaythatglobalwarmingstacksthediceinfavourof

moreextremeweather:whatmighthaveusedtobeastormsolargethatitoccurred

onlyonceevery1,000yearsnowmighthappenevery500,ora100-yearfloodmight

insteadhappenevery60years.Nowtheysaythatweareaddingmoredotsonthe

dice:whereasbeforewemighthaverolleda12,nowwearerolling13sand14s.

Entire neighborhoods of many major cities are threatened by global

warming.Vancouver,NewYork,NewOrleansandmanyotherNorthAmericancities

are soclose tosea levelthatprojectedsea levelincreasescouldputhugeswaths

underwater.21

Asthetemperaturerises,wecanexpectmoreandmoresevereimpacts.The

Intergovernmental Panel of Climate Change, inits 2007 report, discussed someexamplesofimpactsassociatedwithglobalaveragetemperaturechange.Appendix

1reproducesafiguredemonstratingsomeoftheimpactsofclimatechange.22

InNorthAmerica,thereportcontinues,23

Warminginwesternmountainsis projected tocause decreasedsnowpack,morewinterfloodingandreducedsummerflows,exacerbatingcompetitionforover-allocatedwaterresources.

In the early decades of the century,moderateclimatechangeisprojectedtoincrease aggregate yields of rain-fed

agriculture by 5 to 20%, but withimportant variability among regions.

Majorchallengesareprojectedforcrops

that are near the warm end of theirsuitablerangeorwhichdependonhighly

utilisedwaterresources.

21

Gore,Al."ClimateofDenial:CantheScienceandtheTruthWithstandtheMerchantsofPoison?"RollingStoneJun201126.

22IntergovernmentalPanelonClimateChange.SynthesisReport.NewYork:

http://www.ipcc.ch/publications_and_data/ar4/syr/en/spms3.html,2007.

23M.L.Parry,O.F.Canziani,J.P.Palutikof,P.J.vanderLindenandC.E.Hanson(eds).ContributionofWorkingGroupIItotheFourthAssessmentReportoftheIntergovernmentalPanelonClimate

Change,2007.Cambridge:CambridgeUniversityPress,2007.

If McGill truly ... has a vision ofa sustainable

future, they should stop lending capital to

businesseswhosemodelisindirectconflictwith

thisvision.Thereisnosuchthingas"ethicaloil",

fossil fuels are in direct moral conflict with

humanity and McGill should stop funding its

operationsbyspendingawayourfuture.

-McGillStudent


8/16

Cities that currently experience heat waves are expected to be furtherchallenged by an increased number, intensity and duration of heatwavesduringthecourseofthecentury,withpotentialforadversehealthimpacts.

Coastal communities and habitatswill be increasingly stressedby climatechangeimpactsinteractingwithdevelopmentandpollution.

And for Canadians living in Polar Regions,the report discussessome

projectedregionalimpacts,24including

Themainprojectedbiophysicaleffectsarereductionsinthicknessandextentofglaciers, ice sheets and sea ice, and changes innaturalecosystemswithdetrimentaleffectsonmanyorganismsincludingmigratorybirds,mammals

andhigherpredators. Forhuman communities in theArctic, impacts,particularlythose resulting

fromchangingsnowandiceconditions,areprojectedtobemixed.

Detrimental impactswould include those on infrastructure and traditionalindigenouswaysoflife.

Inbothpolar regions,specificecosystems andhabitatsareprojectedtobevulnerable,asclimaticbarrierstospeciesinvasionsarelowered.

It is clear that Canada faces clear and pressing challenges from climate

change.

FinancialInstitutions

heTarSandsaretheworldslargestcapitalproject,andthatinvestmentcomes

directlyfromfinancialinstitutions,endowments,andpensionfundstheworld

over. Similarly, deepwater oil rigs, new hydraulic fracturing installations, and

mountaintopremovalprojectsrequiretremendousamountsofstartupmoney,with

the necessary funding coming from investors. These financial institutions enable

everydayproductionandconsumptionof fossilfuels.Theparticipationof financial

institutionsinthelocalizedandglobaldestructioncausedbyfossilfuelscompanies

iswillfulandirresponsible,andtheyareequallyculpableforthedamagecausedby

thesepractices.

IdentifyingtheInvestments

24M.L.Parry,O.F.Canziani,J.P.Palutikof,P.J.vanderLindenandC.E.Hanson(eds).ContributionofWorkingGroupIItotheFourthAssessmentReportoftheIntergovernmentalPanelonClimate

Change,2007.Cambridge:CambridgeUniversityPress,2007.

T


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cGill Universitys investments in fossil fuels make up a relatively small

portionoftheendowmentfund,buttheglobalimpactofthosecompaniesthe

University invests in is extraordinary.TheDecember 2011 report on thePublicly

TradedEquityHoldingsoftheUniversity25isthemostrecentdataavailable,andall

discussionofthecompositionofMcGillsinvestmentscomesfromthatlist.

To identify specific corporations we used two lists. The first, from

theRainforestActionNetwork,26listscompaniesinvolvedintheCanadiantarsands;

thesecond,fromtheCarbonTrackerInitiative,27hasalistofthetop100companies

with the largest estimated carbon reserves in coal, and a list of the top 100

companieswithreservesinoilandgas.

McGillinvestsin645publiclytradedcorporations.14are involved in the tar sands, while35 number amongthe

worldslargestfossilfuelcorporations.Intotal,thesetwolists

identify37uniquecompaniesthatMcGillprofitsfrom,5.7%

oftheUniversitysuniqueholdings.Thenumberofsharesin

eachisnotpubliclyavailableatthistime,andMcGillhasrefusedtoreleasefurther

informationdespiteAccess to Information requests filed under theAct respecting

accesstodocumentsheldbypublicbodiesANDtheprotectionofpersonalinformation.

The full list of companies identified, along with their carbon reserves if

available,canbefoundinAppendix2.

It should be made clear that this is an incomplete list of the fossil fuel

companiesthatMcGillinvestsin.Onlythelargestanddirtiestfossilfuelcompanies

are represented on these lists, and the schools endowment fund includes other

25McGilliLeaked.2011/12PubliclyTradedEquityHoldings.

.

26RainforestActionNetwork.ListofTarSandsCompanies..

27TheCarbonTrackerInitiative.UnburnableCarbon:AretheWorldsFinancialMarketsCarryinga

CarbonBubble(Aug2012)..

M

Let'sbebetterthanweare

today. Please divest from

theTarSandsandfromPlan

Nord;thesearenotwaysto

thefuturewewanttosee.

-McGillStudent

As an institution invested

in improving the future

through education, McGill

has no business helping

Canada's energy solutions

and environmental policies

stay stagnant or regress in

areas that hurt the

environment.

-McGillStudent


10/16

smallercorporations.

Ofthe35companiesidentifiedbytheCTI,manyarecross-listedonallthree

lists,meaningtheyhavesomeofthelargestreservesofcarbonincoal,andinoiland

gas,andtheyinvestinthedirtiestformofoilproductionontheplanet.TheCTIalsoexpresseditsconcernthatCanadianaccountingpracticesartificiallylowerthesize

ofunconventionaloilreservesizeestimation,sincetheyareonlyreportedunder

Canadianrulesonceproductionisbelievedtobeimminent. 28Thusitislikelythat

thesizeoftheactualreservesofcarbonownedbythe12firmsinvolvedinthetar

sandsforwhichanestimationofreservesizeisavailableissignificantlylargerthan

expressed.

Alltoldthese35companieshaveatleast205.455GigatonnesofCO2lockedawaybeneaththeearth.Thoseknownreservescompriseabout7%oftheglobes

knowncarbonreservesbutcompriseover36%ofourremainingcarbonbudgetfor

thenext38years.TheCarbonTrackerInitiativeestimatesthatonly886Gigatonnes

ofCO2canbeemittedfrom2000-2050ifhumanityhopestokeepwarmingbelow2

degreesCelsius.With321Gigatonnesalreadyburned,only565Gigatonnesremain

inour global carbon budget. Thus 80%of theworlds 2795 Gigatonne fossil fuel

reservesmustremainunderground.

None of these fossil fuel companies has pledged to keep 80% of their

reservesunburned,norwilltheyaslongasitisprofitableforthem.

Thequestiontheniswhattodoaboutthisproblem.Theresponsibleanswer

isdivestment.

Conclusion:MovingForward

ime is of the essence for humans.We need immediate action to keep this

planet livable, and McGill University is in a position to act. Climate change

threatens the Canadian people. Given the urgency of climate change, the

28TheCarbonTrackerInitiative.UnburnableCarbon:AretheWorldsFinancialMarketsCarryinga

CarbonBubble(Aug2012)12..

T


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students,faculty,staff,andalumniofMcGillUniversitydemand:

ThattheInvestmentCommitteebeinstructedtoimmediatelydispose,inanorderlyandresponsiblefashion,oftheUniversitysholdingsincorporations

whichdeveloptheCanadiantarsands,transportorrefinehydrocarbonfromthe Canadian tar sands, sell products of the Canadian tar sands, or are

otherwiseinvolvedintheproduction,distributionorsaleofgoodsfromthe

Canadiantarsands,asdeterminedbytheCommitteetoAdviseonMattersof

SocialResponsibility.

ThattheInvestmentCommitteebeinstructedtodispose,inanorderlyandresponsiblefashioninnolongerthanthreeyears,oftheUniversitysholdings

in corporations which produce, refine, transport, or sell fossil fuels, as

determinedbytheCommitteetoAdviseonMattersofSocialResponsibility.

ThattheInvestmentCommitteebeinstructedtodispose,inanorderlyandresponsiblefashioninnolongerthanthreeyears,oftheUniversitysholdings

in financial institutions which have not adopted, as determined by the

CommitteetoAdviseonMattersofSocialResponsibility,apolicyofmaking

nofurtherloanstocorporationsthatproduce,refine,transport,orsellfossil

fuels.


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Appendix1:Examplesofimpactsassociatedwithglobalaveragetemperature

change (Intergovernmental Panel on Climate Change)29

29IntergovernmentalPanelonClimateChange.SynthesisReport.NewYork:

http://www.ipcc.ch/publications_and_data/ar4/syr/en/spms3.html,2007.


13/16

Appendix2:McGillUniversitysinvestmentsinfossilfuelcompanies,and the

sizeoftheirestimatedcarbonreserves

THE ESTIMATED CARBON RESERVES OF 35 OF THE FOSSIL FUEL COMPANIES

MCGILLINVESTSIN.

Companies Coal(GtC02) Oil(Gtc02) Gas(GtC02) Total(GtC02

AGLEnergy 0.89 0.89

AngloAmerican 16.75 16.75

ArcelorMittal 0.62 0.62

BaytexEnergyCorp* 0.3 0.3

BGGroup 2.29 0.48 2.77

BHPBilliton 16.07 1.82 0.2 18.09

BonavistaEnergyCorp 0.18 0.03 0.21

BP* 32.68 1.92 34.6

CairnEnergy 0.35 0.35

CanadianNaturalResources* 4.23 0.14 4.37

CenovusEnergyInc* 1.4 0.006 1.406


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Chevron* 20.11 1.11 21.22

CrescentPointEnergyCorp. 0.47 0 0.47

EnCanaCorp.* 0.24 0.47 0.71

EOGResources 0.97 0.38 1.35

ExxonMobil* 38.14 2.89 41.03

GDFSuezS.A. 0.17 0.05 0.22

InpexCorp 2.44 0.1 2.54

ItochuCorp 0.34 0.34

MitsubishiCorp 4.31 4.31

Mitsui 1.03 1.03

Nexen* 1.4 0.002 1.402

OilSearchLTD 0.91 0.91

OMV 1.02 0.06 1.08

RepsolYPFS.A. 2.75 0.29 3.04

RioTinto 5.23 5.23


15/16

RoyalDutchShell* 14.11 2.09 16.2

RWEAG 1.94 1.94

SantosLimited 0.19 0.17 0.36

StatoilASA* 2.23 0.25 2.48

SuncorEnergy* 3.74 0.007 3.747

TalismanEnergyInc. 1.47 0.19 1.66

TullowOil 0.36 0.01 0.37

Wesfarmers 1.86 1.86

Xstrata 11.6 11.6

Coal Oil Gas Total

Total 60.64 133.97 10.845 205.455

*Alsoinvestsinthetarsands;duetoCanadianaccountingpractices,theestimated

carbonreservesforcompaniesthatexploitthetarsandsarelikelyhigherthanthe

publiclyavailabledata.


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COMPANIESINVOLVEDINTHETARSANDS**

Baytex

BP

CanadianNaturalResources

CenovusEnergy

Chevron

Enbridge

Encana

Exxon

ImperialOil

Nexen

RoyalDutchShellCompany

StatoilASA

SuncorEnergy

TranscanadaCorps

**Anestimateofthesizeofcarbonreservesisavailableforeachcompanyinbold.

Documents

The Social Injury of Tar Sands and Fossil Fuels