No one wants to purposely damage the earth, but sometimes the nature of certain industries can cause things to happen that are less than ideal for the environment. Oil companies are among a select group of industries that can severely impact the environment. However, there are several things they can do to offset the risks of environmental damages. Here are a few things they can do:
Purchase Carbon Offset Certificates
Oil companies can offset the damage to the environment by purchasing carbon offset certificates. Carbon offset certificates are commonly used in industries where carbon emissions are high. Corporations can purchase carbon offset certificates to make a positive impact against the emission their activities are expected to produce. Environmental organizations with projects that'll help reduce greenhouse gases can package units of carbon dioxide emission into purchasable units. Companies such as airlines and oil companies can purchase these units and can help contribute to the cost of emission reduction projects. In the end, both parties would have achieved their goals – environmentally friendly companies receive funding and emission creating companies neutralizing the harm they have caused to the environment.
Minimize On-Site Environmental Damage
One of oil companies' most controversial practices includes fracking, which is the process of drilling into the earth to release the gas inside. However, not only has previous fracking produced some earthquakes around 2.0 in magnitude, but environmentalists claim that carcinogenic chemicals could escape during the process and contaminate nearby groundwater. One way oil companies can remedy this is by treating contaminated water on site instead of transporting contaminated water to water treatment facilities. This would help reduce the chance of spillage. In addition, oil companies can cause a lot of damage to the natural environment with their equipment. One way they can minimize the damage on local terrain is by using swamp mats. Swamp mats are ideal for wet conditions and leave minimal impact on the environment, be it wetlands, permafrost, or sand.
Oil remediation programs are one of the available bio-remediation solutions that allow for the cleanup of environmental threats. Oil remediation allows for the cleanup of oil spills, contamination, and leaks. Oil spills are hazardous and can threaten human health. However, some naturally occurring microorganisms can feed on the trace metals and chemicals created during the mining process and can transform what was once toxic into harmless compounds. Oil companies can encourage the growth of these microorganisms in order to neutralize hazardous waste.
Oil is a finite resource, and oil companies must continuously find ways to dig deeper into the earth to obtain this resource. Unfortunately, their activities can cause great harm to the natural environment. With better technology and programs, it is possible for oil companies to mine for oil while protecting the environment as much as possible.
For your oil and gas insurance needs, Alliance Insurance Agency is here to help you!