Dow Jones - Developing commercially viable carbon capture and storage, or CCS, technology should be a major priority for companies and governments all over the world because renewable energy sources will not be able to replace oil and gas quickly enough, a senior executive at Royal Dutch Shell PLC said Tuesday.
At the Offshore Europe conference in
"Without CCS, fossil fuel use would have to be cut by more than half,"
"Nuclear would have to grow twice as fast ... thousands more wind turbines would be needed. And a new vehicle fleet would have to run largely on biofuels and electricity, with petrol and diesel fuel almost completely phased out," he said.
Brinded said cap-and-trade systems, like the European Union's Emission Trading Scheme, are the best way to encourage the development of low carbon technologies in the long term.
Robert Olsen, Director of Production at ExxonMobil Corp. (XOM), disagreed that cap and trade is the way forward.