Friday, February 10, 2006

Climate 'makes oil profit vanish'

Climate 'makes oil profit vanish'
The huge profits reported by oil and gas companies would turn into losses if the social costs of their greenhouse gas emissions were taken into account, reported by the New Economics Foundation (Nef).
Nef found that the £10bn-plus profits just reported by Shell and BP are dwarfed by costs of emissions associated with their products.
Nef also suggests UK Treasury revenues from oil and gas may be a disincentive to curbing greenhouse gas emissions.
Both Shell and BP contend they are investing in renewable energy schemes and other initiatives to reduce greenhouse gas emissions.
Like other members of the European Union, Britain is signed up to the European Emissions Trading Scheme, which aims to reduce greenhouse gas production from industry.
But Tony Blair, along with other European leaders, has been accused by environmental groups of having no policies to reduce emissions from transport, the principal user of oil.

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