BP launched a broadside against those calling for investors to sell out of oil and gas companies and warned this approach threatened energy security and the global economy. Chief executive Bob Dudley said on Wednesday that, despite the transition towards a low carbon world, oil and gas will be crucial for meeting future energy demand. “Renewables are growing at a remarkable rate,” said Mr Dudley, saying they could supply about a third of the energy mix by around 2040. “But we still need to meet the remaining two-thirds of demand.” The campaign for divestment, to “squeeze” oil and gas out of the fuel mix, was a misguided attempt to “drive a wedge between the energy industry and investors”.
FT 10th Oct 2018 read more »
BP chief executive Bob Dudley has branded fears that the oil industry’s $1 trillion investments in oil and gas could be left stranded by a shift to low-carbon energy as misguided. The oil boss said campaigners calling for financial institutions to divest from oil and gas companies to avoid so-called ‘stranded assets’ are underestimating the flexibility of oil companies. The largest majors invest a total of $100bn in new fossil fuel projects every year, but could still adapt to a low-carbon world “in time” by reshaping their businesses “within a decade” and remaining financially resilient, he said.
Telegraph 10th Oct 2018 read more »
Trade union leaders and nearly 200 members have condemned the decision to convict four anti-fracking activists, saying it sets a “dangerous precedent”. In an open letter, they called for a judicial review of the “absurdly harsh” sentence given to the protesters, three of whom were handed jail sentences. Simon Roscoe Blevins, 26, Richard Roberts, 36, and Rich Loizou, 31, were imprisoned for up to 16 months after clambering onto lorries bringing drilling equipment to a Cuadrilla site in Lancashire. The fourth protestor, Julian Brock, 47 was given a 12-month prison term, suspended for 18 months. Senior representatives from the Na tional Education Union, the Transport Salaried Staffs’ Association (TSSA), the Food and Allied Workers Union and others expressed their concern that the decision would hamper people’s right to take non-violent action against threats to the environment.
Independent 10th Oct 2018 read more »