Letter requests documentation of the compliance status of Chemours’ financial assurance requirements and financial mechanisms
PARKERSBURG, WV – Today, Keep Your Promises, in partnership with the Environmental Working Group, issued a letter to the Environmental Protection Agency requesting documentation of Chemours’ compliance with the Resource Conservation and Recovery Act (RCRA), including the amount of financial assurance demonstrated and the financial mechanisms the new company has in place to meet those obligations.
The DuPont Washington Works facility, along with dozens of other DuPont facilities that will be transferred to Chemours, are subject to RCRA permits. Under RCRA, approved long-term corrective actions require assurances of financial responsibility from the offending permit-holders.
“Now is the best time for the EPA to reevaluate the corrective measures being taken at Washington Works and redouble efforts to ensure that there are adequate financial assurances,” states the letter. “The legacy contamination from the DuPont Washington Works plant and the impending change in ownership make it timely to newly scrutinize and demand sufficient financial assurances from Chemours.”
Investors and victims of DuPont’s C-8 contamination are concerned that Chemours will be unable to handle the liabilities connected to C-8, including a medical monitoring fund, water treatment, and the compensation of victims, once the spinoff is complete.
“If Chemours is compliant with EPA’s RCRA requirements, then they should have no problem sharing that documentation with us,” stated Dr. Brooks. “We need to see that Chemours will have the resources to finance these liabilities so that mid-Ohio Valley communities get the help they deserve and taxpayers are not be burdened with the significant costs connected to DuPont’s C-8 contamination.”
The letter follows Keep Your Promises’ June 9 Investor Briefing, during which Keep Your Promises, Environmental Working Group, and affiliated experts detailed the considerable issues present in Chemours’ Form 10 submission to the Securities and Exchange Commission. The investor briefing was attended by over a dozen analysts, investors, and representatives from the lending banks, and the transcript and slideshow can be viewed here.
View the full letter to the EPA here.