[OKC] World's top firms cause $2.2tn of environmental damage, report estimates

[Shauna Lawyer Struby]

World's top firms cause $2.2 trillion of environmental damage, report
estimates

Juliette Jowett

guardian.co.uk <http://www.guardian.co.uk> , Thursday 18 February 2010 18.19
GMT

The cost of pollution <http://www.guardian.co.uk/environment/pollution>  and
other damage to the natural environment caused by the world's biggest
companies would wipe out more than one-third of their profits if they were
held financially accountable, a major unpublished study for the United
Nations <http://www.guardian.co.uk/world/unitednations>  has found.

The report comes amid growing concern that no one is made to pay for most of
the use, loss and damage of the environment, which is reaching crisis
proportions in the form of pollution and the rapid loss of freshwater,
fisheries and fertile soils.

Later this year, another huge UN study
<http://ec.europa.eu/environment/nature/biodiversity/economics/>  - dubbed
the "Stern for nature" after the influential report on the economics of
climate change by Sir Nicholas Stern
<http://www.occ.gov.uk/activities/stern.htm>  - will attempt to put a price
on such global environmental damage, and suggest ways to prevent it. The
report, led by economist Pavan Sukhdev
<http://www.guardian.co.uk/commentisfree/cif-green/2010/feb/10/pavan-sukhdev
-natures-economic-model> , is likely to argue for abolition of billions of
dollars of subsidies to harmful industries like agriculture, energy
<http://www.guardian.co.uk/environment/energy>  and transport, tougher
regulations and more taxes on companies that cause the damage.

Highlights:

.         The true figure is likely to be even higher because the $2.2tn
does not include damage caused by household and government consumption of
goods and services, such as energy used to power appliances or waste; the
"social impacts" such as the migration of people driven out of affected
areas
<http://www.guardian.co.uk/environment/2009/dec/04/bangladesh-climate-refuge
es> , or the long-term effects of any damage other than that from climate
change. The final report will also include a higher total estimate which
includes those long-term effects of problems such as toxic waste.

.         The aim of the study is to encourage and help investors lobby
companies to reduce their environmental impact before concerned governments
act to restrict them through taxes or regulations, said Mattison.

.         Another major concern is the risk that companies simply run out of
resources they need to operate, said Andrea Moffat, of the US-based investor
lobby group Ceres <http://www.ceres.org/Page.aspx?pid=422> , whose members
include more than 80 funds with assets worth more than US$8tn. An example
was the estimated loss of 20,000 jobs and $1bn last year for agricultural
companies because of water shortages in California, said Moffat.

Full article here :::
http://www.guardian.co.uk/environment/2010/feb/18/worlds-top-firms-environme
ntal-damage. 

Shauna, OKC

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