Energy Supply Not Sustainable for Next Three Generations Says BP CEO

Press Release
Wednesday, September 26, 2012

In a speech at the Kansas Renewable Energy Conference the President & CEO of BP's wind energy business advocates energy supply alternatives.

Extracts from John Graham's speech follow:

"The rules for energy supply that governed during the last three generations are likely not to be sustainable for the next three generations.

We are witnessing increasing demand growth from the rapidly-developing world economies; in just the next 20 years, the world energy demand will be 40% greater than today.

The fossil fuels extracted to burn and generate this extra power will add to the question of what do we do to manage the rising carbon levels in the environment. Fossil fuels are finite, the more they are consumed over the long term prices inevitably go higher which gives rise to the pragmatic need to diversify the sources of energy we have to give us more choice and at the same time address energy security given that hydrocarbon sources are located in only a few places around the world.

Frankly, as I look around, it is clear that some of the enthusiasm for renewable energy has fizzled out. A stagnant economy is damping energy demand and the emergence of new gas fracking has in a very short time driven gas prices to lows no one had forecast. And we can add to this picture some mismanagement in energy loan or grant programs.

But because of these factors I suggest now is time to double down on our efforts to find alternative energy sources – we cannot for ever extract from the earth as we do today and we have the means to create an “all of the above” energy legacy for the future generations just as we today benefit from the early oil pioneers who 100 years ago found the oil that makes our lives so prosperous today.

Wind is a free energy source that does not deplete over time as you use it. The price of Wind does not fluctuate from day to day as the other global commodities do.

Wind produces no harmful carbon emissions when it is converted into electricity. And North America and in particular states like Kansas are blessed with a plentiful supply of wind which farmers and ranchers tell me has caused them misery as they worked the land for many generations but now they see the wind as an opportunity to harness technology and convert the wind for the much needed electricity we all use and depend on.

Yet today, as I stand before you, much of the progress made in meeting America’s increased energy needs with clean, abundant and affordable U.S.-made energy, is in great jeopardy.

What we need to sustain this industry, but currently lack, is predictable, comprehensive energy policy that allows companies to plan over a reasonable period to attract investors to put their dollars to work and grow business to a scale sufficient for them to compete without federal help.

We have got to get away from the manner in which the federal law makers have ramped up and down support for renewable power.

Federal programs have been structured that are sometimes inefficient and leave investors reluctant to make the long term commitments which are so very necessary in the power business. Though some of the questions about the current tax based programs are well-justified, I would counter that the challenges renewable energy development faces do not justify ending the pursuit of renewable power generation, rather they justify reforming it.

The text in full of the speech is available here.




 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NAVCENT Commander Recognizes Journey of Hope Sailors

Commander, U.S. Naval Forces Central Command, U.S. 5th Fleet, Combined Maritime Forces, Vice Adm. John. W. Miller, recognized the accomplishments of three special-needs sailors from the Kuwaiti ship,

NYK Holds 8th Environmental Management Conference

NYK welcomed about 60 environmental supervisors from 47 NYK Group companies to the group’s annual Environmental Management Conference in Tokyo. NYK holds this

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Environmental

World’s First LNG-Ready Ultra Large Container Ship Named

The race is on in global maritime circles to be the “world’s first” in every aspect of environmental friendliness, particularly in regards to the incorporation of LNG as fuel onboard commercial ships.

NAVCENT Commander Recognizes Journey of Hope Sailors

Commander, U.S. Naval Forces Central Command, U.S. 5th Fleet, Combined Maritime Forces, Vice Adm. John. W. Miller, recognized the accomplishments of three special-needs sailors from the Kuwaiti ship,

MSC Approves SOLAS Amendments

SOLAS amendments to make IGF Code mandatory approved by Maritime Safety Committee   The International Maritime Organization’s (IMO) Maritime Safety Committee (MSC),

Energy

MHI Completes Development of "Sayaringo STaGE"

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Sayaringo STaGE," a next-generation LNG (liquefied natural gas) carrier. The Sayaringo

Drillsearch Discovers Gas at Varanus South-1

Drillsearch Energy Limited announced a new wet gas discovery on the Western Cooper Wet Gas Fairway of the Cooper Basin. The Varanus South-1 well in PEL 513 (Drillsearch

Gazprom to Partner Turkey to Supply Gas

Moscow hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Minister of Energy and Natural Resources of the Republic of Turkey.

Wind Power

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Andrews to Lead CWind’s O&M Division

Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services.   Andrews joins CWind from Siemens

Study: Offshore Ambient Vibration Monitoring

SUNY Maritime research team studies ambient vibration monitoring of offshore equipment Two State University of New York (SUNY) Maritime College professors have received a $65,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2916 sec (3 req/sec)