Oil unlikely to ever be fully exploited because of climate concerns, says BP

The Guardian reports: The world’s oil resources are unlikely to ever be fully exploited, BP has admitted, due to international concern about climate change.

The statement, by the group’s chief economist, is the clearest acknowledgement yet by a major fossil fuel company that some coal, oil and gas will have to remain in the ground if dangerous global warming is to be avoided.

“Oil is not likely to be exhausted,” said Spencer Dale in a speech in London. Dale, who chief economist at the Bank of England until 2014, said: “What has changed in recent years is the growing recognition [of] concerns about carbon emissions and climate change.”

Scientists have warned that most existing fossil fuel reserves must stay in the ground to avoid catastrophic global warming and Dale accepted this explicitly. [Continue reading…]

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