Biofuel Industry News
Environmental Due Diligence
Sep 22 2022
ASTM International’s environmental assessment, risk management and corrective action committee (E50) has revised its standard practice for limited environmental due diligence.
The standard practice for limited environmental due diligence: transaction screen process (E1528) was first published in 1993 as a way for current or prospective property owners to gather information about potential environmental risks associated with a property believed to present a low risk of potential environmental concerns.
As the standard was designed to be used by non-professionals, part of the revision process included efforts to modernize the standard and make the transaction screen more broadly accessible. Additional revisions include:
• A completely rewritten questionnaire and guide section;
• A revised appendix with new photographs to help preparers fill out the questionnaire; and
• Changes to wording within the standard itself to better highlight the fact it provides no Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) liability protection.
E1528 was developed in tandem with another standard aimed at defining “good commercial and customary practice” for conducting environmental site assessments (E1527), which was also recently revised. In contrast to E1528, E1527 establishes standards for eligibility for CERCLA liability protection.
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