FFC Urges End To Tar Sand Extraction

Friends Fiduciary joined Boston Common Asset Management representing $102.3 billion in assets under management in support of a special proposal on tar sands by World Wildlife Fund Norway and Greenpeace Norway. The proposal, to be presented at this year’s Annual General Meeting of Statoil, urges the Norwegian oil and gas company to withdraw from tar sands extraction. FFC is concerned about the potential economic and environmental risks associated with developing the company’s Canadian oil sands investments. Potential environmental threats include water scarcity, local environmental damage, and impairment to traditional livelihoods. The possibility of legislation that prices or restricts carbon emissions combined with the costs to make oil sands productive could negatively affect the economic health of the company. To read the full letter, click here.