The gravest risk to Portland and much of Northwestern Oregon is posed by the enormous tank farms that line the North Reach of the Willamette River. These tanks hold 90% of the fossil fuel used in the entire state of Oregon as well as other hazardous substances. When a big earthquake hits, these tanks will fail, causing cataclysmic spills into the Willamette and Columbia Rivers. Right now when disaster strikes the public is stuck with the bill. But Risk Bonds will hold the fossil fuel and chemical companies who own these tanks accountable. This is a proactive “Polluter Pays” plan. Bonding can require financial responsibility for all industrial disasters. This may encourage safety improvements and removal of hazardous structures.
On this episode of Locus Focus we talk with Melanie Plaut, with Oregon Physicians for Social Responsibility, about how risk bonds work and how Multnomah County is on the verge of taking risk bonding action.
- KBOO