Big oil wants more renewables
Energy and oil Ministers from around the world met in London last week and while the environment was far from the top of the agenda, the meeting showed a global enthusiasm for renewable energy and carbon capture and storage.
Both oil producing and consuming countries were represented at the meeting on Friday, December 19 which was principally about stabilizing energy markets in today’s turbulent world economy.
But with peak oil looming ever larger on the horizon, even countries that rely heavily on oil revenue acknowledged that a greater uptake of renewables world wide would be of value to everyone.
The meeting also noted the potential of carbon capture and storage (CCS) and increased use of renewables and nuclear technology to cut carbon emissions and get the best use of remaining oil reserves.
The Ministers noted the potential of carbon capture and storage and of increased use of solar, wind, nuclear and other technologies for power generation to reduce carbon emissions and enable the most productive use of finite oil resources.
The UK also announced that it will become a founder member of Australia’s Global Carbon Capture and Storage Institute – an initiative designed to boost progress in delivering industrial-scale demonstration projects around the world.
According to the newly-formed Department of Energy and Climate Change CCS has the potential to play a significant role in tackling climate change, and could account for 20% of the global emissions cut needed by 2050.
© Faversham House Ltd 2023 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.