the oil industry should switch investment from new oil exploration to renewable energy to avoid dangerous climate change, said the Greenpeace spokesperson Kalle Hesstvedt. A technical analysis conducted by the organisation has shown that only a quarter of global economic reserves of fossil fuels -- coal, oil and gas -- can be burned before dangerous rates of temperature increase and climate change occur, to which many species of plants and animals will not be able to adapt.
Hesstvedt attacked the Norway government-owned oil company Statoil for failing to switch its investment from new oil exploration to renewable energy despite the warning of catastrophic climate changes if the industry continues business-as-usual. Norway is the world's second largest exporter of oil, after Saudi Arabia.
"Statoil must realise that its exploration for new oil is indefensible when evidence of climate change is getting more and more obvious," Hesstvedt said. Statoil invests annually more than us $ 699 million in oil exploration.However, the company only invests us $4,05,000 in renewables, such as solar and wind power, or less than 0.06 per cent of its fossil fuel investment.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.