New dimensions of environmental loss and escalating liabilities following Macondo have catapulted environmental risk to a key feature on the corporate balance sheet. Forecasting expected losses of critical environmental functions, which underpin society, is setting new challenges insurance underwriters and scientists. A critique of recent case histories will be presented to illustrate the latest dimensions of future risk needs. International operators wrestle with the dollar value of reputational risks of uncharted frontier areas with sensitive marine ecosystems which affect both stakeholder confidence and the stock price. Governments now recognize the criticality of managing environmental capital and services when dealing with new energy concessions in sensitive coastal zones. International efforts to develop “state of the art” techniques to quantify the spectrum of ecosystem services will be presented together with a critique of how readily these can be factored into decision making. Advances in global geographic information systems and satellite imagery illustrate the unprecedented future opportunities to measure ecosystem functions and changes. A series of case histories will illustrate cutting edge approaches to dealing with oil spill risk for offshore assets revealing environmental resource risk exposure, risk reduction, consequences and future liabilities. The criteria used to determine “environmental damage or loss” are fundamental to our approaches to corporate risk management. Our understanding of the role of factors such as: biodiversity; ecosystem robustness; recoverability; habitat uniqueness; species population status and life cycles in the sustainability of ecosystem services will be reviewed and reveals fundamental gaps in knowledge. The global efforts being made to place $ values on the world's natural capital and ecosystem life support services will be summarised. A pioneering approach to due diligence of investments, planning, new concessions and oil spill risk assessments will be presented. Insights will be given on the latest techniques for mapping environmental resources and services in integrated GIS systems on the web, which will provide an “ecosystem health thermometer” making damage to ecosystem services visible to stakeholders. Operators' future “licence to operate” will depend in part on utilizing ecosystem service approaches and values to address stakeholder sustainability and values concerns

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