The disaster in Hungary, which has seen toxic sludge escape from a reservoir in the city of Ajka, should serve as a warning to companies with industrial operations in Europe that the Environmental Liability Directive [ELD] will leave no place to hide, according to Aon.
A new United Nations-backed study has estimated that the world’s top 3,000 companies by market capitalisation caused some $2.15tn of environmental damage in 2008, about one third of all damage caused by human activity.
Munich Re announced an ambitious plan during the Monte Carlo reinsurance market Rendez-Vous to open talks with the US government about the creation of a new facility to deliver liability coverage of up to $20bn for risks caused by oil drilling operations in the Gulf of Mexico.
Spanish companies are seriously ill-prepared for the expected rise in environmental liabilities following the introduction of the Environmental Liability Directive according to recent research commissioned by ACE Iberia.
French risk managers are fast waking up to demands placed upon their companies as they attempt to meet new environmental risks linked to European Directives.
Over the past three years, Spanish companies have been busy preparing to meet the tough requirements of a new environmental responsibility law that transposes the European Liability Directive (ELD) in a stricter way than other European Union members.
On 9 March, in its first rulings on the Environmental Liability Directive (ELD), the European Court of Justice (ECJ) concluded that a Member State may establish what can only be described as a weak causal link between an operator’s activities and diffuse pollution for a competent authority to require the operator to clean up the pollution.
The European Chemical Industry Council (Cefic) supports the objective of the draft Industrial Emissions Directive (IED) but it believes that it would be more effective in ensuring sustainable environmental protection if it took greater account of differing local needs and circumstances.
As environmental regulations and liabilities continue to grow in the U.K., beefed up by the implementation of the Environmental Liability Directive (ELD), authorities are set to increasingly use the new tools at their disposal to enforce clean up at contaminated sites, according to experts at an AIRMIC seminar.