A new report from Friends of the Earth and oil finance experts Platform places a clear financial analysis of the Canadian tar sands alongside testimonies of those affected by the race to extract oil from the Albertan wilderness.

I was struck by the argument it makes that the Canadian tar sands are the 'test case' for an oil industry that wants to move into extracting dirtier unconventional oil in other parts of the world. The report points out other areas of tar sands around the world which are being eyed up by the big oil companies. As the authors point out:

Canada is the international oil industry’s test site – if it becomes acceptable to finance the tar sands of Alberta, then the global finance sector will have ‘normalised’ a disastrously high-carbon development path.

... As investment in technology in
Alberta brings down the price of producing synthetic crude
and as oil prices fluctuate in higher ranges, companies are
re-assessing the potential of operations in other countries. If extraction can be undertaken on the scale envisaged in
Alberta then it opens the floodgates for unconventional oil
extraction around the world.

In other words, if we allow ourselves to be persuaded that the environmental destruction and soaring carbon emissions that come with the tar sands in Canada is acceptable, we're basically saying that trashing the planet is just business as usual.

Get the report, 'Cashing in on tar sands' (pdf).