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

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Environmental

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.

When Will Deep Sea Mining Commence? The Robot is Ready

The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea

Energy

Ukraine Calls "Easter Truce" As Separatists Hold Firm

The Ukrainian government said it will not attack pro-Russian separatists over the Easter weekend as its U.S. ally threatened Moscow with new sanctions if it

Putin Welcomes New NATO Head

Russian President Vladimir Putin welcomed NATO's selection of former Norwegian Prime Minister Jens Stoltenberg as its new head, saying on Saturday the pair

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Wind Power

POSH raises $311m in Singapore IPO

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business.

Three NOAA scientists honored by White House

The White House yesterday awarded three NOAA scientists with Presidential Early Career Awards for Scientists and Engineers. The award is the highest honor given

Pioneering Tech for Offshore Wind Farm Maintenance

James Fisher Renewables pioneers trial of innovative Ship-to-Turbine Oil Change System James Fisher Renewables conducted an innovative trial of Ship-to-Turbine (STT),

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1426 sec (7 req/sec)