Oil world says fossil fuels most realistic for now

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.

Reuters