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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ASA Mission Statement Revised to Expand Reach

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.

New Chemical Handling Service from Ferguson Group

Tank, Fluid Solutions and Bunded Storage for Dangerous Goods and Chemicals Introduced at Gap Ridge, Karratha.    Ferguson Group Australia, global specialist in offshore DNV 2.

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Environmental

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet their regulatory peers is underway.   Infocast’s

Britain to Ban Fracking in National Parks

Britain said on Monday it would ban fracking in national parks, reversing a policy announced last year, in a concession to the opposition Labour Party which had

KR Launches Software to Aid ECA Compliance

The Korean Register (KR) has launched an in-house developed software program to assist vessels with fuel oil change over when complying with the new low sulphur regulations.

Energy

Britain to Ban Fracking in National Parks

Britain said on Monday it would ban fracking in national parks, reversing a policy announced last year, in a concession to the opposition Labour Party which had

Libya Forces Tanker Away from Supplying Rival Government

Libya's recognized government said it forced a tanker from delivering fuel to its rival administration, diverting the vessel to its own territory by threatening an air attack on it.

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Wind Power

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Infigen Energy Mulls Shedding U.S. Wind Farms

Australia under pressure to fix renewable energy target deadlock; 45 wind farm projects stalled. Australian wind farm operator Infigen Energy Ltd is exploring the sale of 18 U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1700 sec (6 req/sec)