I learned about various views on social and positive impact investment, and about elements of the Coalition Government’s “Big Society” and the proposed Green Investment Bank.
Ethical Investment appears to have come a long way since I put some money into a Fair Trade company many moons ago, where I knew I would never see a dividend, or even be able to sell the shares at some point.
Grown up people in sharp suits and big name frocks now do moral banking, and often reap a healthy return on their investment – “doing well” as well as “doing good”, as Adam Ognall of UK Sustainable Investment and Finance says.
I was challenged to think about what faith communities do with their money around a month ago, all precipitated by a conversation I had with Martin Palmer of the Alliance of Conservation and Religions, and then I heard something at a recent meeting that caused me to investigate a little…
A missive from Jeremy Leggett received via e-mail :-
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Subject: New oil-crisis warning from British companies
Date: Sun, 21 Nov 2010
From: Jeremy Leggett
Folks
This week the UK Industry Taskforce on Peak Oil and Energy Security published a short update of its second report of February this year.
In the February report, we offered evidence for our concern that global oil production will begin to fall, against rising demand – and general expectation – by 2015 at the latest.
In the update, we argue that inevitable restrictions in deepwater oil production round the world, in the shakeout from the BP spill, has made our warning all the more pressing.
The triple crunch log on the website is updated completely through 3rd November, and only partially beyond that. I am behind for day-job reasons, but will catch up in the month ahead. The financial-, climate- and energy crises all involve denialist group-think, or so I and my particular tribe of group-thinkers believe.
Yet the log of unfolding events shows the respective dramas ticking along like the three unexploded bombs they all are, for those with a mind to see.
For example, in finance we wait to see if fraud in the packaging of mortgage-backed securities will bring another wave of horror down on the banks, and hence on the rest of us.
In climate, America has elected a Congress where a blocking majority cannot or will not understand the dire warnings of climate scientists.
In energy, the IEA’s chief economist has added his name to the list professing that the age of cheap oil is over, and – as I have said – a cross section of UK industry believes a global oil crisis is coming, within five years.
We have to find a way, somehow, to defuse all three bombs.
Any one of them going off can ruin what remains of the vocational watches of the good folk on this e-mail list, and make our children and grandchildren really very irritated with us.
…I had a huge e-mail in-box after the last missive, concerning investment in coal. It seems that there are a lot of capitalists out there who have grave misgivings about the direction unreconstructed modern capitalism is taking.
I shall endeavour to write an article on that theme, without of course betraying any confidences, in the run up to the Cancun climate summit in a few weeks.
Best to all
J
Jeremy Leggett, Executive Chairman, Solarcentury https://www.jeremyleggett.net for a log of the energy crunch as it unfolds
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Interestingly, the BBC did not ignore the update of the UK Industry Taskforce on Peak Oil and Energy Security :-
Scientists are proverbially poor at communication, but we will eventually be able to explain to you what is happening to the Earth in a way that you will understand.
You need to give some time to the data, to the arguments. You need to read the significant research papers, learn how to read graphs, learn the acronyms, abbreviations, technical terms.
You will need to be able to weigh in your mind the significance of probabilities, the risks of extremes, the trends, the changing patterns.
After a while, you will start to reappraise the evidence, and start looking into the data and see the conclusions for yourself.
You will begin to appreciate the strong line of reasoning, and come to be in awe of the minds of many who work on Climate Change.
I’ve become impressed by the body of scientific evidence, that’s why I will always be aligned with the Climate Change science community.
We’re not going anywhere. We’re here, and we’re right. There has already been significant change in the Earth’s climate due to humankind’s mining-to-burn activities, and the projections are for further, possibly very dangerous change.
The scientists know what the problems are, and what the engineering solutions are. Some companies/corporations, economists and politicans and sadly even some compromised “environmentalists” promote non-solutions like carbon pricing, Carbon Taxation, Carbon Trading, Carbon Capture (and Storage), GM Crops, Nuclear Power, geoengineering – but the academies of scientists are telling you they won’t work, or won’t solve all the problems.
What is needed is wholesale removal of Fossil Fuels from the global economy in order to prevent further deterioration and disruption in the global climatic conditions. Either BP, Shell, Chevron and ExxonMobil hang up their boots forever, or they need to embrace new clean energies (not Nuclear Power) to stay in business.
Oil, gas and coal depletion in the production facilities of those countries that are national players will mean that they will go bust, because a consistently high price for Fossil Fuels is not supportable, because the global economy is so Fossil Fuel-dependent currently. This is both a buyer’s market and a seller’s market, so the price will be governed by the operation of this two-sided cartel, not by the theories of “scarcity economics”.
Either Saudi Arabia, Iraq, Iran, China, Venezuela and so on are on their way to extreme poverty, or they will embrace new clean energies (not Nuclear Power) to stay economically developed.
Meanwhile, the project of empirical scientific enquiry continues apace, and even though rich fossil fuel businesses are financing doubt, even though people with pension funds in mining pour scorn on Climate Change science, and even though the mainstream media can’t recognise uneducated propaganda when they meet it; you need to trust the intellectual community of Climate Change science researchers.
Stop listening to accusations of malpractice, dodgy data, weak methods, poor models. Do you really know what you are talking about when you pass judgement on the scientific community ? Who told you that scientists were wrong ? Can you really trust the people who tell you not to trust the scientific community ? Do you have the right or the authority to lay somebody else’s fabricated blame at the door of those whose whole lives are devoted to discovering the truth ?
Why don’t you do an integrity check on your sources, before replicating myths ?
Read the science journals and not the newspapers, is my advice.
And when it comes to the Internet, search wisely. You can’t believe every website you come across – there are some web loggers who are misled, and there are others seeking to mislead.
If you want to filter out the nonsense, try this :-
The Earth keeps turning, the Sun keeps burning, and the future will look a lot different than today as we drag down Carbon Dioxide emissions “by hook or by crook”.
We have to be wary of possible “crooks”. There are still technology “snake oil salesmen” out there, trying to impose Genetically Modified crops on us, or Nuclear Power, or Carbon Capture and Storage (to justify the continued use of Coal), and using the vehicle of science to push their wares :-
“Climate change threatens UK harvest : Climate change could push up food prices by causing large-scale crop failures in Britain, the Met Office has warned. : By Louise Gray, Environment Correspondent : Published: 08 Oct 2010 : Rising temperatures could mean events such as the drought in Russia this summer, which pushed up grain prices, hit countries like the UK. But they said the worst effects of climate change could be limited by investment in better farming and the development of new drought resistant or heat tolerant crops. This could be done by aid money, breeding and new technologies like genetic modification (GM)…”
But, as everybody can probably guess, most farmers in the world will not be able to afford Genetically Modified crops, and anyway, nobody really yet knows if GM crops confer the benefits claimed – there is some evidence that “life scientists” don’t know the full range of effects on organisms from gene splicing.
I can’t decide whether I’m inspired or concerned by this little film from Ellen MacArthur.
It seems to focus quite heavily on cars, and one of the collaborators is Renault.
It also talks a lot about electricity, and another one of the corporate names shown is National Grid.
And then it also talks a lot about waste, and the company that sponsored Ellen’s sail around the world was B&Q, the chain that spawned a thousand home makeovers.
None of these companies appear to want to follow the sustainability principles spelled out in the movie.
Is it just a little bit too high-brow to be talking of “closing the loop”, when most people in the world are simply concerned with finding their next meal or coasting towards their next pay cheque ?
Who is this video designed for ? What’s the intended audience and how are they being asked to respond to it ?
Tell me I’m wrong to be ever-so-slightly sceptical.
In the orange light-filled advertising corner : the oil and gas companies proclaiming new, untold riches beneath the melting Arctic. Technology will make us stronger, less polluting and improve the lives of the countless poor.
In the blue chain-smoking activist corner : Climate Change and Peak Oil are really, really serious, destabilising and horrible and we should all get depressed and go and lie down in a darkened room for a while.
On the other hand, most people don’t fall in one camp or the other. We worry about Climate Change some days, but we’re too pre-occupied with trivia on other days.
We have a natural in-built “happy button”, according to recent research mentioned in New Scientist magazine, so we can’t sustain feelings of doom and gloom for too long unless we’re clinically unwell :-
People can cope with being given bad news as long as they have some strategy with which to combat the problem.
It’s not wrong to tell people the truth about Climate Change just in case they get scared and worried.
Alarm is a good thing – I’d rather a fellow pedestrian shouted at me to “look out !” if I’m about to be mown down by a car as I cross the street, rather than just watching on and wincing at the crunch moment.
“Protesters condemn ‘dirty oil’ at World Energy Congress : (AFP) : 14 September 2010 : MONTREAL — Hundreds of protesters demonstrated in the streets of Montreal Sunday, calling for an end to “dirty, risky” oil exploration, ahead of a global gathering of energy experts. A dozen protesters covered in molasses staged a “Black Tide Beach Party,” while dozens of others carried banners that read “Too dirty, too risky, go beyond oil.” A blond baby boy smeared in brown sticky molasses wailed in his activist father’s arms, while protesters used megaphones to slam the provincial Quebec government of Jean Charest for inviting oil companies to the five-day World Energy Congress at the sprawling Palais de Congres. Some 5,000 participants from industry, government and academia, were expected to attend the conference, slated to officially open Sunday evening. The event is expected to tackle global energy issues, such as improving access to energy in the world’s poorer regions and the role of new technologies in ensuring a sustainable energy future. Many protesters directed their anger at BP over a devastating oil spill in the Gulf of Mexico earlier this year. But Julien Vincent, a campaigner for Greenpeace International, said BP was only part of the problem. “British Petroleum is one part of a big industry that’s got an abysmal safety record and an abysmal record in terms of its obligations toward protecting communities,” he told AFP. “You also have oil from Shell dripping out over Nigeria right now. You have oil spills that have taken place in China that have flooded ports,” he added. “The entire industry needs to be told to sit back and listen up.” …”
What happened to all that deepwater crude gusher oil, so visible from space, spreading like a magical sheen on the surface of the waters in the Gulf of Mexico ?
It’s now lying as a 5cm layer of gunk on the sea floor, that’s what. That’s where you’ll find Ground Zero for BP’s careless “blame the cement” spill mess-tastrophe :-
Unlike the United Kingdom, where political sensibility can quash the most logical enactment of energy policy, plans for progress voiced so tentatively you can bearly feel a ripple, or hear it over the whispering swoosh of a new wind turbine blade, over in Deutschland, what they say, they intend to happen, and they’re making serious proposals about how that’s going to be done :-
“09/07/2010 : Green Visions : Merkel’s Masterplan for a German Energy Revolution : By Stefan Schultz : Giant windparks, insulated buildings, electric cars and a European supergrid: the German government on Monday unveiled an ambitious but vague blueprint to launch a new era of green energy for Europe’s largest economy. SPIEGEL ONLINE has analyzed the plans…”
It appears to be time to wave bye-bye to German coal, incidentally, even as a strong commitment to renewable, sustainable energy is put on the table.
I wish the British Government could take a long hard look at themselves in the mirror of the future and realise what a bunch of dithering duffers they appear to be.
What we need is a proper Energy Policy, chaps, and since you’re in the hot seat you better come up with it. Elected or not, our ministers and officials need to get up out of their deep leather chairs, extinguish their pipes, don their working breeches and get digging for Britain, and I don’t mean Shale Gas or Old Coal.
The British Government is about to announce that the people be left to the ravages of Climate Change and cope by heaving-ho and a rolling-up of the sleeves and display war-time grittedness through voluntary “Big Society” :-
“Britain must adapt to ‘inevitable’ climate change, warns minister : As experts call for action now, the coalition withholds green funding and appeals to private enterprise : By Matt Chorley and Jonathan Owen : Sunday, 12 September 2010 : Britons must radically change the way they live and work to adapt to being “stuck with unavoidable climate change” the Government will caution this week, as it unveils a dramatic vision of how society will be altered by floods, droughts and rising temperatures. The coalition will signal a major switch towards adapting to the impact of existing climate change, away from Labour’s heavy emphasis on cutting carbon emissions to reverse global temperature rises. Caroline Spelman, the Tory Secretary of State for the Environment, will use her first major speech on climate change since taking office to admit that the inevitable severe weather conditions will present a “survival-of-the- fittest scenario”, with only those who have planned ahead able to thrive. Adapting to climate change will be “at the heart of our agenda”, she is expected to say…”
“Climate change is inevitable, says Caroline Spelman : Britain can no longer stop global warming and must instead focus on adapting to the ‘inevitable’ impacts of climate change such as floods, droughts and rising sea levels, Government ministers will warn this week. : By Louise Gray, Environment Correspondent : Published : 13 Sep 2010 : For the past few years Government policy has concentrated on trying to make people turn off lights and grow their own vegetables in an effort to bring down carbon emissions. But as global greenhouse gases continue to increase, with the growth of developing countries like China and India, and the public purse tightens, the focus will increasingly be on adapting to climate change. The Government will set out plans to protect power stations from flooding and ensure hospitals can cope with water shortages during dry summers….”
An e-mail trail with a certain amount of political content…
from: Kate Shepherd
date: Tue, Aug 10, 2010
subject: Climate Week
Hello Jo
It was lovely to speak with you today about Climate Week and I’d be grateful if you could pass on the information to the rest of your team.
Climate Week, 21st – 27th March 2011, is a new national occasion on climate change, backed by the Prime Minister, Al Gore and Kofi Annan. During Climate Week, thousands of events will be run by organisations from every part of society to highlight the positive steps being taken to help prevent climate change.
I have attached a document for further information, the document includes a list of supporters of Climate Week, which range from every part of society: from the Chief Fire Officers Association to the Women’s Institute, the Girl Guiding UK to several Regional Development Agencies.
I rubbed my eyes, but the logo didn’t disappear. The Independent newspaper article had a graphic explaining that the article was “in association with Shell” :-
Further clue : the author was Tom Burke, “Mr Clean Coal” to those of us that know of him.
The article was great, up until the paragraph :-
“Without deploying carbon capture and storage technologies for coal and gas, Europe has no workable climate policy…”
Well, we knew Tom Burke was going to say that, didn’t we ?
But why was the article “in association with Shell” ? Is this the start of advertising masquerading as opinion articles ?
What could possibly link Royal Dutch Shell to Carbon Capture and Storage ? The “Enhanced Oil Recovery” (EOR) angle, possibly – Shell offering to pump Carbon Dioxide down into its depleting oil and gas wells in an attempt to raise the pressure on the remaining hydrocarbon, to squeeze it out.
“09/01/2010 : ‘Peak Oil’ and the German Government : Military Study Warns of a Potentially Drastic Oil Crisis : By Stefan Schultz…”
Hi Clavertonians,
My view on Peak Oil is that it is the tip of the iceberg – and I know that’s a totally inappropriate metaphor.
The art of petrogeology dictates that right on the heels of Peak Oil is Peak Natural Gas, and there is strong evidence for Peak Coal. In the US for example, I understand there is very little good hard anthracite left.
My position is that – since the “conventional” Fossil Fuels are depleting, there are strong moves towards the “unconventionals”, the shale gas, the deepwater oil, the smoky “half peat”, the Lake Baikal hydrates, the frozen subsea wastes of the Arctic [don’t forget the Tar Sands !] and so on. People argue for “stop-gap” energy resources, but they carry with them huge risks not only to the Climate, but also the the Economy with the step-change in EROI/EROEI [Energy Return on Energy Invested – that is – how much energy do you need as input to get energy as output] and the “clean-up” costs.
My take on this is that pretending that Peak Conventionals doesn’t exist leaves a veil in front of most peoples’ minds – they believe in the Power of Technology to supply all their Fossil Fuel needs, now and into the future – it’s just that the actual location and form and dirtiness of these new resources will be different than in the past.
And here’s the rub – we need to encourage people to think about the “alternatives”, or rather, the “solutions”.
The only way forward is Renewable, Sustainable Energy resources, because of Peak Oil, Peak Natural Gas and so on, and if people do not learn about that, they will not understand the privation for most people that will surely come with Peak Conventionals.
We all love the inputs, but what about the outputs ?
Fossil Fuels have been providing an easy life and easy pickings for the citizens and enterprises of the industrialised world for some time.
People love their jet-fuelled lives. One man will move one kilometre from his home to a restaurant in two and a half metric tonnes of steel and glass believing he is admired for his larger-than-car-sized car. He will wear sunshades, and oil-slicked hair (if he has any) and sport a tan from his recent holiday over the ocean. A life of glory and feeling good about himself.
But what about the emissions ? What, indeed, about the environmental devastation at the places the Fossil Fuels (and metal and glass) were mined and refined and manufactured ?
Shock ! Horror ! Major Climate Change Scientist spotted at Climate Camp…ah, but which one… ? How to distinguish one dressed-down, unwashed individual with dishevelled locks from any another ?
Any sign of Climate Change sceptic-denier Andrew Montford, as affectionately known as “Bishop Hill” ? Can’t make him out, but he might have responded to the banner appeal to “Come On Over for Lunch”. You never know. That might be him chopping potatoes, right in the thick of it.
Here follows an extract of a conversation I have had with members of the Claverton Energy Research Forum, which I have cut-and-paste into a more easy-to-read fashion below the fold :-
As you can see, there are Climate Change sceptic-deniers everywhere, even in the most knowledgeable and respectable circles.
Countering Climate Change denial from so-called “sceptics” takes a lot of time and energy, and is a bump-in-the-road nuisance/irritation distraction from the main priority for human civilisation, which is how to stop being addicted to Fossil Fuels.
Dr Judith Curry insists, quite correctly, that we should take uncertainties into account when deciding Climate Change policy.
Yet I think our respective positions probably strongly differ on which way we weight the uncertainties.
I strongly favour the Precautionary Principle, implemented Early, making it the “Early Precautionary Principle”.
One of the reasons I come down on this end of the spectrum of possible responses to uncertainties is that there are quite a spectrum of unknowns that form the pillars of those uncertainties.
After all, if we don’t know a term in an equation, how can we possibly calculate anything meaningful with any kind of confidence ?
How can anybody feel safe and secure not knowing for certain what the actual equilibrium Climate Sensitivity amounts to ? The response of the Earth’s Climate system to extra airborne Carbon Dioxide-forced temperature rise is a number that is becoming firmer, but there are error bars. Surely this points to conservatism in emissions ?
Moreover, we could be well advised to cut back on Fossil Fuel burning not just to protect the Climate, but to save the Economy. How can we pursue our normal everyday Carbon-emitting lives not knowing how much Fossil Fuel there is left in the ground that can be inexpensively mined ?
How can we know the order of magnitude of Fossil Fuels left to extract ? And how can we know what kind of impact this will have on the Climate ?
“Pakistan floods: Climate change experts say global warming could be the cause : The world weather crisis that is causing floods in Pakistan, wildfires in Russia and landslides in China is evidence that global warming predictions are correct, according to climate change experts. : By Louise Gray, Environment Correspondent : Published: 10 Aug 2010 : Almost 14 million people have been affected by the torrential rains in Pakistan, making it a more serious humanitarian disaster than the South Asian tsunami and recent earthquakes in Kashmir and Haiti combined. The disaster was driven by a ‘supercharged jet stream’ that has also caused floods in China and a prolonged heatwave in Russia. It comes after flash floods in France and Eastern Europe killed more than 30 people over the summer. Experts from the United Nations (UN) and universities around the world said the recent “extreme weather events” prove global warming is already happening. Jean-Pascal van Ypersele, vice-president of the body set up by the UN to monitor global warming, the Intergovernmental Panel on Climate Change (IPCC), said the ‘dramatic’ weather patterns are consistent with changes in the climate caused by mankind. “These are events which reproduce and intensify in a climate disturbed by greenhouse gas pollution,” he said. “Extreme events are one of the ways in which climatic changes become dramatically visible.”…”
It’s been a bad month or so for ignominious ends in unusually hot and sticky conditions : drunk Russians drowning as they try to cool off from a once-in-a-thousand-year heatwave centred on Moscow; hundreds of Chinese swept away; a Darwin award surely going to the man who died whilst participating in the World Sauna Championships, thousands of Pakistanis snatched by flood waters, and then there’s poor Matthew Simmons, leader of the Peak Oilers, bursting his aorta in a private spa :-
“AUGUST 9, 2010 : Without Matt Simmons: Has Peak Oil, Well, Peaked? : By Michael Corkery : Matt Simmons, the maverick investment banker who championed the concept of peak oil, died of a heart attack in a hot tub in Maine. He was 67. Simmons is best known for raising the alarm, in books, in lectures, television interviews and to anyone who would listen, that the world’s oil reserves had peaked. The concept of “peak oil” wasn’t new when Simmons wrote Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, in 2005. In fact, peak oil was first posited by a geophysicist named M. King Hubbert in the 1950s who predicted that world oil supply would peak in 1995. But Simmons helped to being the theory to the mass media, after traveling to Saudi Arabia in 2003 to research that nation’s secretive data on oil reserves, or the amount of oil able to be pumped out of the ground. His book became an instant classic among conspiracy theorists…”
Hey ! Don’t disrespect the dead ! He made a very valid contribution to the world’s understanding that the Fossil Fuel free ride won’t last forever, and is, in fact, stopping short as I write…
Carol Browner, Director of the White House Office of Energy and Climate Change Policy in the United States of America, has been all over the Media, announcing the policy to “kill kill kill this” BP nightmare story, telling the world that a turning milestone point has been reached :-
Have they decided that BP have been punished enough now for the Gulf of Mexico oil gusher, and the reputation of the company needs to be rehabilitated sharply in order to protect the Economy ?
I made the mistake of taking in a BBC TV news bulletin on the matter. I heard several talking heads say it’s “good news” that roughly three quarters of the accountable oil from the spill has “disappeared” :-
Breaking this story is “good news” for the stability of pension funds, maybe. But what is the real extent of the real damage to the real world, the world of oceans and fish and plankton ? Will the world be watching as the researchers scavenge data and clues to the marine ecotastrophe that is still unfolding ?
1. Something happens to provoke some persons as yet unidentified in Gaza.
2. Some persons as yet unidentified may or may not have fired a Grad missile from the Gaza Strip towards the Israeli town of Sderot.
3. The Israeli Defense Force act “in retaliation” and bomb three locations in Gaza, killing at least one person and wounding eight.
4. Some persons as yet unidentified may or may not have fired a Qassam rocket from the Gaza Strip towards Ashkelon.
You may be forgiven for thinking this is all about simple tactical weaponry exchange, embedded cultural or religious hatred, or revenge attacks.
But you’d be wrong.
This escalation in violence is merely part of what looks very strongly like an ongoing strategy to keep Gaza from economic development, by preventing them from exploiting their largest natural resource – offshore sub-marine Natural Gas.
I am going to give you my first attempt at some history on this matter. I make any and every apology if I have got something wrong. Please correct me by comments below the post.
I have not even started to attempt to address the hypocrisy of the United Kingdom and the United States of America effectively giving weapons to Israel via a system of direct and indirect aid. All that is brilliantly covered by Robert Fisk, so I don’t need to :-
Gaza is being locked down under a “resource curse” – the Gazans are being forcefully detained in an open air concentration camp with scant resources, when all the time, just off-shore are enough hydrocarbons to make them all very wealthy. Many Gazans are succumbing to starvation of the body and mind, and many are unwell and have to endure appalling deprivation.
I should expect that the “final solution”, whatever that will be, will be announced by Israel in the next few years, unless the international community wakes up to the obvious risks that Gaza faces, and does something decisive about it.
OK, so it’s a ham paraphrase on a Biblical quotation, but as the world loses its appetite for big military assault (particularly for no discernible just reason), we could see more weapons manufacturers turn their metal-working skills over to the production of Renewable Energy :-
“BAE to assist green energy project : Britain’s biggest arms manufacturer will contribute its marine engineering expertise to a wave-power project off Orkney : Terry Macalister, guardian.co.uk, Sunday 25 July 2010”
And is he really leaving, or is he being hounded out by propaganda ?
The reports of his demise may be premature, but the clock is probably ticking on his tenure anyway.
You know as soon as the board of a company, or a central government expresses “full support” for an executive or a minister, their job is at risk.
At least BP didn’t have to invent a scandal about his private life to get shot of him, like the (I think, despicable) way they ousted John Browne, the “sun king”.
“25 July 2010 : BP chief Tony Hayward ‘negotiating exit deal’ : Mr Hayward has been with the company for 28 years BP’s chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learned. Mr Hayward has been widely criticised over the Gulf of Mexico oil spill. An official statement issued by BP in response said he had the “full support of the board and senior management”. BBC business editor Robert Peston says Mr Hayward is likely to be replaced by his American colleague, Bob Dudley, who is in charge of the clean-up operation…”
Is Bob Dudley a fan of solar and wind power ? Only asking…
And will a change of figurehead on the prow stop the BP vessel sinking ?
“Aleklett: Australia highly vulnerable to oil shortages : June 11, 2009 : ASPO International president, Professor Kjell Aleklett of the Global Energy Systems group at Uppsala University has been in Australia over the past week, presenting lectures in Adelaide and Sydney on peak oil…warned that Australia will be one of the first countries hit hard by oil shortages as oil production peaks within the next three years. Kjell Aleklett, a physicist from Uppsala University in Sweden, says Australia’s relatively underdeveloped public transport system leaves the country more vulnerable to a downturn in energy production. “Australia is very sensitive to such developments,” Professor Aleklett told the Herald. “Much of your industry and transit is dependent on oil, and supplies will decline.” Professor Aleklett addressed the NSW [New South Wales] electric car task force and the Federal Government’s Bureau of Infrastructure, Transport and Regional Economics yesterday…”
