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Arctic oil rush will ruin ecosystem

April 13, 2012

Full Article at http://www.guardian.co.uk/world/2012/apr/12/lloyds-london-warns-risks-arctic-oil-drilling

Arctic oil rush will ruin ecosystem, warns Lloyd’s of London

By  Julia Kollewe and Terry Macalister

Lloyd’s of London, the world’s biggest insurance market, has become the first major business organisation to raise its voice about huge potential environmental damage from oil drilling in the Arctic.

The City institution estimates that $100bn (£63bn) of new investment is heading for the far north over the next decade, but believes cleaning up any oil spill in the Arctic, particularly in ice-covered areas, would present “multiple obstacles, which together constitute a unique and hard-to-manage risk”.

Richard Ward, Lloyd’s chief executive, urged companies not to “rush in [but instead to] step back and think carefully about the consequences of that action” before research was carried out and the right safety measures put in place.

Full Article at http://www.guardian.co.uk/world/2012/apr/12/lloyds-london-warns-risks-arctic-oil-drilling

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