Remediation of contaminated sites – a key to sustainable future
We, humankind, have done a great deal of harm to our planet since the beginning of technological advancement. There has been a huge fluctuation in practices that have been seen acceptable and socially responsible. In agrarian times, sustainable land use was a key for long-term productivity, and I believe it is time that we start seeing sustainable land use as a key for our future success as well.
There are several positive impacts of soil remediation and restoration. I have listed the key impacts below.
- Environmental Protection: Contaminated soil can lead to the pollution of groundwater and surface water. By remediating soil, we can prevent harmful chemicals, heavy metals, and other pollutants from entering water sources, thus protecting aquatic life and maintaining the overall health of ecosystems.
- Human Health: Polluted soil can be a direct health risk to humans, especially in areas where people grow food or where children play. Contaminants in the soil can be absorbed by crops and enter the human food chain, leading to various health issues.
- Agricultural Productivity: Contaminated soil can adversely affect plant growth and crop yields. Remediation restores the soil's health, ensuring it can support agriculture and provide nutritious food.
- Land Value and Use: Contaminated sites are often unusable for residential, commercial, or agricultural purposes. Soil remediation can restore the land's value and make it suitable for development or other uses.
- Legal and Regulatory Compliance: Many regions have strict regulations regarding soil contamination. Remediation is often required by law to meet environmental standards and avoid penalties.
- Sustainable Development: Cleaning up contaminated sites is essential for sustainable land management and urban development. It allows previously unusable areas to be repurposed for community use, such as parks or housing.
For investors and financiers, it is extremely important to understand the off-balance sheet liability of a company in terms of legacy contamination in its operational sites.
I believe that once we are able quantify biodiversity in a more systematic manner, the true extent of the liabilities will surface. The issue is that as the cost of remediation has not been booked, it affects the company income statement in a negative manner.
Truly sustainable companies have already started taking actions to restore their legacy contaminated areas, but it is not enough. This also needs to become mainstream.