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Shell Oil favours carbon cap-and-trade

upstreamonline.com

By Anthony Guegel 

Shell Oil president Marvin Odum came out in favour of so-called carbon cap-and-trade as part of a long-term solution for handling carbon emissions but advised a gradual phase-in for successful implementation.

In remarks made during a panel session at the Offshore Technology Conference in Houston today, Odum said cap-and-trade which is supported by the Obama administration but opposed by many industry groups can be done “right” as well as “wrong”.

Odum acknowledged that it will inevitably lead to higher energy prices but the costs can be controlled if competition is maintained.

“We need CO2 solutions,” Odum said, but “demonising” the oil and gas industry is “not helpful”.

He said rhetoric is “getting in the way” of communication.

Alternative energy including renewables will eventually make-up between 30% to 40% of the world’s energy supply by 2050 he reckons, which he described as “unprecedented”.

However, Odum said that means oil and gas will still need to be developed since the world will demand roughly twice the amount of energy in 2050 as it does today.


Monday, 04 May, 2009, 18:19 GMT  | last updated: Monday, 04 May, 2009, 18:19 GMT
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