Digging for destruction

Last Updated: Saturday 04 July 2015

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.

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