Alberta eases safety cost burden for oilsands firms

Alberta is altering the way it calculates the funds oilsands mines make to make sure there’s sufficient cash to wash up the mess they go away behind.

The province says the choice is in response to low oil costs final 12 months, which briefly reached unfavourable values.

Lisa Fairweather of Alberta Atmosphere mentioned maintaining the outdated program would have price the trade billions of additional {dollars}, even although the environmental danger of the mines hasn’t modified.

She mentioned Thursday’s transfer is short-term till a whole assessment of environmental safety funds is held this summer time.

Critics say the modifications will cut back funds right into a cleanup fund that the auditor basic has mentioned is already too low.

Beneath the modifications, Alberta will now not calculate funds primarily based on an organization’s environmental liabilities and its property.

As an alternative, the calculation will likely be primarily based on an organization’s income.

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