CBIS joined an international group of more than 100 shareholders in filing a resolution at UK company BP. The resolution asked the company for a report on the business case for oil extraction from the Canadian Tar Sands given the financial, environmental and social risks involved.
Oil sands, also known as tar sands, are naturally occurring mixtures of sand or clay, water and an extremely dense and viscous form of petroleum called bitumen. They are found in substantial amounts in many countries throughout the world, but are most concentrated in Canada and Venezuela. Oil sands reserves have only recently been considered to be part of the world's oil reserves, as higher oil prices and new technology enable them to be extracted and upgraded to usable products.
While the resolution did not pass, it did set the stage for further cross-border collaboration. In 2011, CBIS will be working with an international consortium including members of ICCR, the UK Church Investor Group (CIG), and investors across Europe to increase pressure on BP.
The resolution asked BP for a report on the business case for oil extraction from the Canadian Tar Sands given the financial, environmental and social risks involved.