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7/30/2019 The Social Injury of Tar Sands and Fossil Fuels
1/16
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
7/30/2019 The Social Injury of Tar Sands and Fossil Fuels
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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
7/30/2019 The Social Injury of Tar Sands and Fossil Fuels
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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).
7/30/2019 The Social Injury of Tar Sands and Fossil Fuels
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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
7/30/2019 The Social Injury of Tar Sands and Fossil Fuels
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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
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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
7/30/2019 The Social Injury of Tar Sands and Fossil Fuels
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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.
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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
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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.