Guardian: Fossil Fuel Industry Protests Over "Risky" Assets Warning from Energy Secretary

The fossil fuel industry was deeply “unsettled” by comments from energy secretary Ed Davey raising the prospect that their assets could be rendered worthless by global action on climate change, according to a letter of protest sent to the secretary of state.

Malcolm Webb, chief executive of Oil and Gas UK, which represents the industry, wrote to Davey saying he was “perplexed” by the “conflicting and confusing messages” and accused him of making investment in the North Sea less attractive. The letter was released to the Guardian under freedom of information rules.

The issue was also raised by Erik Bonino, chairman of Shell UK, at a meeting with Davey in January, at which Bonino said if Shell “knew there were to be no more fossil fuels, [it] could cash out and give shareholders their money back in four years”.

Read the full article HERE.