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Reuters: Shell’s Ollila says Bush fuel cut target falls short

Sun Jan 28, 2007 10:36 AM GMT

HELSINKI, Jan 28 (Reuters) – Royal Dutch Shell (RDSa.L: Quote, Profile , Research) chairman Jorma Ollila believes a target set by U.S. President George W. Bush to cut fuel use does not go far enough, the oil group chief said in an interview published on Sunday.

International business understands the problem of climate change and the need to cut carbon emissions, with many putting the issue at the top of their agenda, Ollila told Finnish daily Helsingin Sanomat in an interview.

“Compared to that, Bush’s proposal this week to reduce U.S. fuel consumption by a fifth was terribly feeble and a disappointment. Emissions from traffic are clearly less than half of total emissions,” the newspaper quoted him as saying.

In his annual State of the Union address on Tuesday Bush urged a nearly fivefold increase in ethanol and other alternative fuels and higher fuel efficiency standards to reduce gasoline use by 20 percent in 10 years.

But he steered clear of calling for mandatory caps on carbon emissions, despite a push by big companies like General Electric Co. (GE.N: Quote, Profile , Research) to cut greenhouse gases.

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