Oil sands and our future pensions

Posted by Trish Riley, May 20, 2009

This article by Dr. Kjell Aleklett, president of the Association for the Study of Peak Oil (ASPO) International and professor in Physics at Uppsala University in Sweden provides a detailed analysis of the mining of tar sands for oil in Canada. The bottom line: The process causes too much damage to be valuable.

The obvious question is if it is right to support Statoil with investment money from KPA, the Swedish state pension funds, in this industry. For me it did not seem OK. Representatives for the found was present at the meeting, and Kerstin Grönwall, KPA environmental manager, has just made the following statement: “We feel that if Statoil cannot protect the environment, it should withdraw from Alberta — this goes with our criteria for environmental investments.”

Sweden will never draw any benefit from the tar sands in Canada. We can make money and the wealth of our pension funds can increase but there are other investments for the future that we must undertake…The resources exist, but the question is whether we shall destroy an area the size of Florida to quench our thirst for oil. In reality, the tar sands will only moisten our throats.

Energy is needed for the survival of the planet but the question is if we are going to sacrifice particular areas so that others will benefit.

via Oil sands and our future pensions | Energy Bulletin.

Thanks, Ed, for passing this along to us!

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