On Wednesday, April 7th, 2021, 50 investors representing $105 billion released a letter calling for the EPA and Congress to permanently protect Bristol Bay from large-scale mining.
“Pollution from mineral extraction generates very real, but currently unpriced, economic, social, and environmental externalities,” said Jonas Kron, Chief Advocacy Officer of Trillium Asset Management. “We believe the Bristol Bay salmon fishery has too much economic and inherent value to risk on the short-term benefits of a large-scale mine like Pebble.”
Global mining interests have been distancing themselves from the Pebble proposal throughout its history. Mitsubishi pulled out of the project in 2011, followed by Anglo American in 2013, and Rio Tinto in 2015. First Quantum terminated its agreement to invest in the project in 2018.
The investor letter goes a step further, and specifically calls for two actions to permanent protect the region:
EPA should use its authority under Section 404(c) of the Clean Water Act to immediately restrict mine waste disposal in wetlands, rivers and streams within the Bristol Bay watershed; and
Congress should enact legislation to establish a National Fisheries Area to provide permanent federal protection against large-scale mining within the Bristol Bay watershed.
“Investors recognize that the value of our portfolios is dependent in part on sustainable global economic growth. It is in our interest for our portfolio companies to recognize the important role of environmental and social impacts. We therefore believe it is critically important for mining activity to not occur in ecologically and culturally inappropriate areas like Bristol Bay.
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The letter echoes what Indigenous communities, hunters, anglers, commercial fishermen, and Bristol Bay supporters nationwide have been saying since the key federal permit was denied for the proposed Pebble mine in November 2020. Without durable, permanent safeguards for the people and fish-based resources of Bristol Bay, Pebble- or other mining companies- could come back in the future and try to make another run at getting permits to develop projects in the Bristol Bay region.
The ball is rolling, and it will take all of us coming together to advance the permanent protections that Bristol Bay needs and deserves. Tell decisionmakers today that we must enact durable safeguards for the people and fish-based resources of southwest Alaska. Take action here.