Since October 2018 (Law 26/2007), companies must have a financial guarantee to enable them to meet the environmental liability inherent to the activity they carry out. This Law establishes that the amount of the financial guarantee will be determined on the basis of an Environmental Risk Analysis of the activity. The steps for the constitution of the mandatory financial guarantee are as follows:
-Identify accidental scenarios and establish probability of occurrence.
-Estimate an associated environmental damage index.
-Calculate the risk associated with each accidental scenario
-Selecting scenarios with the lowest index that pool 95% of the total risk.
Once the financial guarantee for environmental risks has been established, damage prevention costs are estimated. This analysis makes it possible to monetise the environmental damage and, where appropriate, to constitute the financial guarantee required by law. It is important not to confuse the fact that having environmental liability insurance does not exempt you from carrying out the environmental risk analysis.
Environmental risk analysis is a tool that allows entities to quantify the risk of an activity. It is also considered a crucial tool for the determination of the amount of the financial guarantee according to Law 26/2007 on environmental liability.
In addition to complying with the law, environmental risk analysis allows companies to optimise decision-making in order to reduce the probability of a catastrophe occurring and the value of damages associated with accidental scenarios. It therefore helps to optimise and reduce costs.
The steps for the constitution of the mandatory financial guarantee are:
1/ Identify accidental scenarios and establish probability of occurrence.
2/ Estimating an associated environmental damage index
3/ Calculate the risk associated with each accidental scenario 4/ Select scenarios with the lowest index that group 95% of the total risk.
Once the financial guarantee for environmental risks has been established, the damage prevention costs are estimated. This analysis makes it possible to monetise the environmental damage and, where appropriate, to constitute the financial guarantee required by legislation. It is important not to confuse the fact that having environmental liability insurance does not exempt you from carrying out the environmental risk analysis.
An environmental risk is any potential damage or catastrophe in the environment caused by a natural phenomenon or anthropogenic action. In environmental risk, two parameters can be distinguished as priorities to which special attention should be paid. On the one hand, we find the frequency or probability of these risks occurring. On the other hand, we find the severity of the event in question.
Environmental damage is considered to be damage to wild species, habitats, groundwater, seashore, estuaries and soil damage, among others.
According to the Environmental Liability Act 26/2007, all organisations are obliged and responsible for paying attention in advance to the possible environmental damage that the exercise of their economic activity may cause. This means that they must pay special attention to the probability of occurrence, the extent of the damage, and an economic assessment of the different measures in case of occurrence.
This analysis must be carried out following the requirements and methodology established by the UNE 150008 Standard, designed exclusively for this purpose, or by any other reference standard that meets the standards required by the former and uses a technical and scientific analysis system.
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We quantify the cost of repairing possible environmental damage in the event of an accident.
Environmental risk analyses allow companies to know their risks and effects on the environment that the development of their activity entails, thus facilitating knowledge and support for minimising and eliminating them as a risk.
Nowadays, there are many companies that consider the environment as an added factor to their production, which is fundamental for the sustainable development of business activities and the social positioning of the entities. The main benefits of carrying out an environmental risk assessment are as follows:
– Identification and recognition of risks: The recognition of a company’s environmental risks and the commitment to act on them presents a series of generic benefits for workers and society that take the form of improvements to the natural environment, quality of life and working conditions and occupational health. It also presents a series of advantages for the entity, as it improves its corporate image in the eyes of society with immediate effects on suppliers, customers, insurance companies, financial institutions and public administrations.
–Development of awareness-raising actions: Awareness-raising campaigns increase the involvement of the company’s employees in environmental protection and act as a factor that reinforces corporate commitment. When training plans are in place, they enhance the professional qualifications of all employees and technicians.
-They also have other interesting aspects in relation to society, as they favour the representation capacity of the company’s managers and improve their image in the eyes of society.
Euro-Funding collaborates with companies in defining the risks associated with their activity by quantifying the cost of repairing the possible environmental damage that would be caused in the event of an accident, following the UNE 150.008 Standard on Environmental Risk Analysis and Assessment or equivalent standards.
This allows us to determine whether the installation is eligible for the exemptions provided for:
1. Operators of activities likely to cause damage whose repair is assessed at an amount of less than 300,000 euros.
2. Operators of activities likely to cause damage whose repair is assessed at between 300,000 and 2,000,000 euros who can prove, by presenting certificates issued by independent bodies, that they are permanently and continuously adhered to either the Community Eco-Management and Audit Scheme (EMAS) or the UNE-EN ISO 14001 environmental management system in force.
3. The use of the plant protection products and biocides referred to in section 8.c) and d) of Annex III, for agricultural and forestry purposes, and are therefore exempt from making the notification provided for in Article 24.3.
4. Operators of activities which are established by regulation on the basis of their low potential for environmental damage and low level of accident rate, and are likewise exempt from the notification provided for in Article 24(3).
At Euro-Funding we have been preparing and supporting our clients in obtaining a financial quantification since the beginning of the obligation, with proven experience in companies that are SEVESO operators carrying out different activities such as the manufacture of cleaning products, basic chemical products, pharmaceutical products, biodiesel manufacture, pig and poultry farms, among others. In addition, the team has been managing environmental projects for more than 25 years.
Environmental grants are mainly aimed at the development of environmental projects, energy saving and efficiency, sustainability, renewable energies and other related and/or complementary grants. At Euro-Funding we work with public aid and/or subsidies aimed at all types of public and private entities with national and regional calls for proposals from
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