Operators need to put in place and maintain sufficient financial provision so that they can pay for remediation or aftercare of their site, and for any potential clean-up that may be required following an accident or incident.
In recent years, the EPA has made significant progress in ensuring that licensees make financial provision to cover environmental liabilities at sites with significant environmental liabilities, referred to as FP Priority Sites.
These are some common terms in relation to this topic:
Financial Provision: Is a means by which a licensee can set aside finances in order to cover the costs that have been identified in a CRAMP and/or ELRA.
ELRA: An Environmental Liabilities Risk Assessment considers the risk of unplanned events occurring during the operation of a facility that could result in unknown liabilities materialising.
CRAMP: A closure plan or Closure, Restoration and Aftercare Management Plan including costings that deal with site decommissioning and known liabilities for the facility at closure.
|Financial Provisions at the end of Q3 2021|
|€1057m||The total costs agreed for environmental liabilities at FP Priority Sites, as identified in ELRAs and CRAMPs, increased to €1057m by end of Q3 2021.|
|€897m||The total value of Financial Provisions in place for FP Priority Sites by the end of Q3 2021|
The chart below indicates the EPA’s progress over recent years in agreeing the extent of environmental liabilities at FP Priority licensed sites and putting financial provision in place to meet them.