“If ever there was a project where sustainable accounting is needed, Alberta tar sands oil extraction is it.” — Mindy S. Lubber

Mindy Lubber, president of Ceres, a leading coalition of investors and environmental groups working on sustainability issues notes in this article today that the current “accounting system meant that companies were long able to “externalize” natural resource costs. In other words, they could pollute for free without paying for environmental damage and cleanups. Society and taxpayers shouldered these costs instead.”

Reform of this not-grounded-in-reality accounting and economic system is essential to move towards sustainable societies.

Canada’s oil or tar sands that supply the US with much of its oil is devastating huge swaths of pristine boreal forest, ruining wild rivers and polluting the air of the north Lubber says. For more on the environmental impacts of the biggest industrial project on the planet see Destroying Canada’s Boreal Forest for America’s Oil