Shell ‘short sighted’ on climate risk – CTI

Last updated on 9 July 2014, 7:29 am

Oil company Shell is failing to account for long term climate risks, according to the Carbon Tracker Initiative
Shell expects fossil fuel demand to rise despite climate dangers

Shell expects fossil fuel demand to rise despite climate dangers

By Megan Darby

Shell was accused of “Orwellian doublethink” in its attitude to climate change on Wednesday, as an influential think-tank published new analysis.

In the latest instalment of the “carbon bubble” debate, the Carbon Tracker Initiative (CTI) highlighted flaws in the oil major’s optimistic assessment of its future profitability.

In a letter to shareholders in May, Shell dismissed as “alarmist” warnings that global action to mitigate climate change could destroy the value of its assets.

Executive vice president JJ Traynor played down the likelihood of effective action to limit global temperature rise to 2C. The company predicts fossil fuel demand will grow 40% to 60% by 2050.

Anthony Hobley, CEO of CTI, said: “With this combative stance, Shell has missed an opportunity to explain to its shareholders how its capital expenditure plans are resilient to the impending energy transition.

“Acknowledging the seriousness of the climate challenge whilst at the same time asserting no effective action will be taken until the end of the century is as classic a case of Orwellian double think as you are likely to find.”

…(read more).

Global Climate Change
Environment Ethics
Environment Justice

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