Lloyd’s of London has become the first major business to speak out
about the severe potential risks of environmental damage that can arise from
drilling oil in the Arctic. As the temperatures are warming, the ice in the
region is melting, drawing much commercial attention from oil companies. These
areas that were once covered by ice could possibly hold a quarter of the
world’s remaining hydrocarbon reserves. One
hundred billion dollars in investments has been estimated to go into Arctic oil
drilling projects over the next decade. Among the companies planning these
projects are Cairn Energy and Shell, who hope to establish wells off the
Greenland and Canadian coasts.
The Arctic is made up of several ecosystems which are “highly
sensitive to damage,” and any mistake could lead to long-term negative impacts. Authors write in a new report from Lloyd’s
that a potential oil spill is “the greatest risk in terms of environmental damage,
potential cost, and insurance.” In addition to the stresses already caused by
changes in climate, future economic activity in the Arctic will only further
disturb the fragile ecosystems. Aside from the pollutants that would be released
into the environment, other negative factors include road and pipeline
construction, noise pollution from drilling, seismic survey activity, and the
breaking up of sea ice, which could cause the natural migration patterns of
whales and caribou to be altered.
Furthermore, an oil spill cleanup would pose a “unique and
hard-to-manage risk.” Lloyd’s chief executive, Richard Ward, hopes companies
will take a step back and consider the consequences before going through with
the drilling. The Lloyd’s report states the “inadequacies” of both the company
and government were displayed in the Macondo blowout in 2010, calling for much
needed research to “close knowledge gaps, reduce uncertainties, and manage
risks.” Lloyd’s also finds it essential that companies participate in exercises
based on worst-case scenarios. However, enabling “safe economic activity” comes
at a sizeable expense. With the delicacy and unpredictability of the Arctic
environment, some even say that no compensation is worth the risks of drilling.
With the changing climate already impacting the Arctic wildlife,
why should man purposely disturb it further? I do not think that companies have
taken the time to fully consider and prepare for the potential risks of
drilling, but have instead kept their focus on what can be gained. Oil spills
can have major consequences for the environment, endangering animals’ lives and
possibly tipping the balance of the food web. Without thorough preparation for
what could go wrong, companies are risking damaging the environment permanently
for monetary profit. Although participating in worst-case scenario exercises
and conducting more research will reduce the chance for mistakes, the risk of
harming the Arctic is always there.
Original Article:
I agree whole-heartedly. We can be pretty selfish when it comes to what we want, but sometimes we don't think about the consequences it may have on others. Just like you point out in the article that by drilling oil we are intruding into the animals habitats and practically destroying it. Now if a force greater than us came in and started destroying our habitat we would have something strong to say about that!
ReplyDeleteI think that oil companies should take Lloyd’s warning very seriously and if they should decide to drill anyway, make preserving the ecosystem their first priority. Making financial gains through drilling is not worth the loss of an entire ecosystem.
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