Responsible Change: - How Governments Can Address Environmental, Social and Governance Challenges When

Governments should take the broadest management and reporting interpretation possible of technical competence requirements, in keeping with the latest and “best industry practice” to require that technology and standards, including buyers have the competence to maintain or emissions reporting at the project level exceed the operating standards of the seller. [...] expensive, and without sufficient revenues from Some contracts required the company to begin the project, there is a risk that the operating quarterly or annual contributions to the fund company or companies will not have the financial very early in the life of the project, from the start resources to undertake decommissioning when of commercial production or even the first date of commercial disc. [...] In that event, the government, the fourth anniversary of commercial production taxpayers and the public will have to pay for to the earlier of the fifteenth anniversary of decommissioning or suffer the environmental the start of the development and production and public health hazards of an improperly period or the calendar quarter in which 70 decommissioned site.110 Ensuring adequate percent of r. [...] decommissioning funds into which the company is Moreover, the present value of decommissioning required to incrementally set aside money during costs and the amount and timing of contributions the life of the project to cover decommissioning to a decommissioning fund are based on costs at the end of production.112 assumptions about how long the project will Where IOCs sell assets to smaller, less. [...] A combination the decommissioning fund for transfers (or of contributions to a decommissioning fund surrenders back to the state) that take place late in late in the life of the project and infrequent the life of an asset.