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Oil giant says profits are assured

Screen Shot 2014-04-09 at 00.23.56Extracts from an article published by Eco-Business 28 May 2014

Shell, the world’s largest oil company, believes that governments will not damage its business by taking rapid action on climate change, and says all its oil reserves will be needed and sold at a profit.

In a robust reply to a recent report by the Carbon Tracker Initiative, Shell explains the company reasoning for investing in tar sands and other high cost and difficult-to-extract oil reserves. It says that an ever-expanding global economy, fuelled by population growth and great prosperity, will need more and more oil and gas at least until 2050. This will support high prices.

The Carbon Tracker Initiative report, and subsequent research by Friends of the Earth Netherlands, says that many of Shell’s long-term, high-carbon projects in the pipeline will become highly vulnerable to losses or will simply be left in the ground when international law starts to constrain the burning of fossil fuels to limit temperature rises.


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