Wael Sawan, CEO of Shell, says renewable energy replacements are not happening fast enough, and increased demand could raise prices again.
Climate experts disagree with his concerns.
From the article:
Head of the UN António Guterres recently said investment in new oil and gas production was “economic and moral madness”.
Mr Sawan told the BBC: “I respectfully disagree.” He added: “What would be dangerous and irresponsible is cutting oil and gas production so that the cost of living, as we saw last year, starts to shoot up again.”
Many countries do not have the infrastructure to move to more sustainable forms of energy.
The head of the International Energy Agency, Fatih Birol, has said that “if governments are serious about the climate crisis, there can be no new investments in oil, gas and coal from now”.
The UK currently imports more than half of its oil and gas - and that proportion is expected to rise without renewed investment in the North Sea. Shell recently decided to sell its stake in a major new undeveloped oil field at Cambo.
No surprise there. With how fast renewable are growing atm I sincerely hope that the time of big oil is coming to an end.
At first my questions were always “Why don’t they invest in it? Why don’t they use their wealth to find a way to switch? Why does it need to be oil?”
Now idgaf they all deserve to burn.