Totally unacceptable and deliberately myopic argument from Shell executives at its annual general meeting.. To wait until the second half to this century is to consign the world to 6 degrees warming. that is not survivable.
“…Van Beurden said Shell would be at the forefront of change but that it needed to find more oil in the short term to meet the demands of population growth and economic development in emerging markets.
He rejected the idea that Shell could be left with “stranded assets” that cannot be extracted because climate change will make them unviable. He dismissed as a red herring the argument that there was a carbon bubble of investment in fossil fuels.
Van Beurden said in the second half of this century solar power would become dominant as a source of energy but that the world would have to rely on oil and other traditional fuels in the meantime.
Simon Henry, Shell’s finance director, said fossil fuels made up 80% of the world’s energy sources and that oil was needed to produce and transport food, make clothes and manufacture roofs. “Modern life would not be possible” without oil, he said.”