RTRS: Oil world says fossil fuels most realistic for now
By Christopher Johnson and David Sheppard
LONDON (Reuters) - The world must invest heavily in fossil fuels or face an energy crisis, said leaders of the oil industry gathered in London this week as they voiced scepticism about prospects for a climate change deal in Copenhagen.
The oil industry has shifted its message to a more climate-friendly approach, but argued that for now oil and gas were the ways to meet the world's energy needs.
"There is no getting away from fossil fuels," said Nigerian Oil Minister Rilwanu Lukman, speaking on the sidelines of the Oil and Money industry conference.
As the oil minister of an OPEC member country, his view was not surprising, but many others at the conference predicted a December deadline to replace or extend the Kyoto Protocol on cutting planet-warming emissions would not be met.
"I think at the moment we are concerned that there probably won't be any deal in Copenhagen, I'm afraid. That is I think what the industry is beginning to feel," said Ian Taylor, chief executive of Vitol, one of the world's largest energy traders and a major player on the carbon market.
Chief executives were less direct, but still sceptical.
"In some cases, there are high expectations, other countries indicate this is just a base step as we approach a pretty complex subject, so it's difficult for me to really say," said Jim Mulva, CEO of ConocoPhillips, when asked about the chances of a Copenhagen deal.
"We want to be part of the public debate because viewpoints and ideas have been formulated, continue to be formulated, even though may be the whole (situation) has not been completed and may not be completed for another year or two," he said further.