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

People & Company News

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Naming Ceremony of Evergreen's EVER LYRIC

Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place

Environmental

Shipping is Cutting CO2 Emissions

London-based shipping advisors Drewry Supply Chain Associates said that shipping liner operators have made significant inroads into cutting CO2 emissions.   In

Naval Authorities Rely on OSE Separators from GEA

The trend of modernizing ships and fitting them with more efficient separator systems, which has been noticeable since 2014 particularly in Europe and North America,

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Energy

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Wind Power

CWind Orders Four Crew Transfer Vessels

CWind, a provider of services to the offshore wind industry, has placed an order for four new crew transfer vessels from Aluminium Marine Consultants (AMC), a shipbuilding

Fugro Expertise for Wind Farm Developers in Netherlands

Fugro has been contracted by the Netherlands Enterprise Agency, part of the Ministry of Economic Affairs, to execute the geotechnical site investigation and

Aeolus Installs First Luchterduinen Turbine

The construction of the new offshore wind farm Luchterduinen entered its final and most noticeable phase yesterday, with the installation of the first wind

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.1695 sec (6 req/sec)