Shell estimates cost of fighting climate change at 0.3% GDP
October 13, 2006
A new report by Shell Oil estimates that the cost of fighting climate change in the Britain by 2010 would be equivalent to just 0.3 percent of GDP. The report also says that the effort to address climate change could be worth £30bn ($56 billion) to businesses in the UK.
Shell chairman calls for clean coal technologies to fight global warming. In a talk given last week at the prestigious Royal Society in Britain, the outgoing chairman of Shell Oil said that cleaner-burning coal technologies are urgently needed to minimize greenhouse gas emissions from the ongoing use of fossil fuels in coming decades.
“The urgent need to reduce greenhouse gas emissions offers opportunities to the nimble,” said Lord Ronald Oxburgh,outgoing chairman of Shell Oil. “There is now scope for a wide range of devices and services, which a decade ago would have made no economic sense, and for which there would have been no demand.”
The oil giant says that the biggest opportunities for small and medium sized enterprises will result from new building regulations for commercial and industrial use (£950m), renewable energy (£800m) and renewable road transport fuels (£500m), and energy efficiency improvements (£400m).
Overall, action to tackle climate change could create a global market worth $1 trillion within five years, said the report.