Finland: Nord Stream AG Intends to Establish Foundation for Greater Protection of Baltic Sea

The protection of the Baltic Sea will be further expanded: this spring, Nord Stream AG intends to establish an international nature conservation foundation for the Baltic Sea.

This is a further outcome of the agreement reached in 2010 between Nord Stream AG and the environmental associations WWF and BUND. “We are very much aware of the great responsibility for this unique and sensitive ecosystem” says Dr. Dirk von Ameln, Permitting Director of Nord Stream AG:the international foundation is therefore a logical and consistent addition to the environmental activities of Nord Stream that was and is being realised in connection with the construction and operation of the pipeline.”

In the past years, Nord Stream has invested more than 100 million euros in the most comprehensive ecological studies to-date for one single infrastructure project in the Baltic Sea and in the project planning in order to assess potential negative effects and to reduce them to a minimum. In the Exclusive Economic Zones of the different states of the Baltic Sea through which the pipeline passes no legal obligation for the compensation of potential environmental impacts exists. For this reason, Nord Stream has reached a respective agreement with the environmental association in order to realise compensation measures. The foundation will be provided with the necessary financial means so that it can identify and realise suitable measures aimed at protecting the environment in the long-term.

The foundation is to be founded in 2012. Its headquarters is planned to be in Finland. Nord Stream will provide the foundation with a nominal capital of 10 million euros. Furthermore, 15 million euros will be allocated to the foundation as earmarked capital implementing nature conservation measures and nutrient reduction in the Baltic Sea area.

The foundation will be managed by a steering committee and a board of trustees will serve as supervisory body. The concrete organization and nomination of the bodies is currently being prepared. It is, however, planned to follow the example of the already established Conservation Foundation German Baltic Sea by including environmental associations as well as governmental authorities and supranational organizations of the riparian states of the Baltic Sea in the governing bodies of the foundation.

Subsea World News Staff , March 12, 2012;  Image: Nord-Stream