Some interesting perspectives on the legal issues at play for Canadian energy producers as a result of the possible impacts of climate change. In new joint report just published by the Canadian Centre for Policy Alternatives and West Coast Environmental Law, there's an analysis of 5 major TSX-listed Oil & Gas companies, and their potential liabilities based on percentage of global emissions and the associated net costs and damages.
"...the potential liability of each company is significant, ranging from $295.6 million to $709.6 million in 2010 alone..."
"In Canada, the NRT estimated that climate change would cost $5 billion annually by 2020, rising to between $21 billion and $43 billion by 2050."
"Given these significant costs, attention will inevitably shift to the issue of compensation and liability. In short, who will pay for the costs and damages caused by climate change, as well as the necessary adaptive measures?"
While the costs and projections are speculative, the report provides a detailed look at the current state of climate litigation and the legal factors that might impact Canadian Oil and Gas. Download the report here.