This works under the assumption that all negative environmental externalities are tracked by governing bodies in every jurisdictions, and that's simply not the case.
No, it works under the assumption that they’re tracked in literally any one jurisdiction in the world.
If it were so extremely toxic, we’d have heard about it from any of the jurisdictions where there is a racetrack, which there are thousands of around the world. Or one of the cities which already has a F1 circuit, of which there’s dozens.
It simply isn’t anywhere near the problem that GP makes it out to potentially be.
Either they're small, and the only people paying attention are a town and an insurance company, or they're so big nobody would dare (take on F1?, please).
If it were so extremely toxic, we’d have heard about it from any of the jurisdictions where there is a racetrack, which there are thousands of around the world. Or one of the cities which already has a F1 circuit, of which there’s dozens.
It simply isn’t anywhere near the problem that GP makes it out to potentially be.