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Focus on nuclear and shale, not carbon, Chevron boss tells Europe

Wed, 03rd Jun 2015 16:44

VIENNA, June 3 (Reuters) - Chevron Chief ExecutiveOfficer John Watson on Wednesday rejected calls by Europeanpeers to introduce a price for carbon emissions, saying theregion should instead focus on shale gas and nuclear power.

In a blunt speech to the OPEC seminar in Vienna, Watsonelaborated on why he opted not to join the heads of Europe's sixtop oil and gas companies including Royal Dutch Shell,BP and Total in a letter published earlier thisweek urging governments around the world to introduce a pricingsystem for carbon emissions.

"I understand the concerns but I don't think putting a priceon carbon is an answer... I don't think it is a policy that canbe effective," Watson said.

Instead, Europe should develop its gas resources, he said,alluding to the reluctance of European governments to developshale gas in a process known as fracking which has radicallytransformed the U.S. market.

"We need to make sure we develop the natural gas resourcesthat we have, here in Europe - although Europe is choosing notto develop its resources - but also elsewhere in the world."

Nuclear power, which fell out of favour around the world,particularly in Germany, was also key to reducing carbonemissions, Watson said.

"If we are serious about climate change - nuclear powerwould be on the agenda. We wouldn't be shutting down nuclearplants around the world," he said.

Chevron larger U.S. peer ExxonMobil also chose notto join the joint letter, revealing a rift between the Europeanand U.S. views on the debate over climate change.

Setting a price for each tonne of carbon that emittersproduce is meant to encourage companies to adopt cleanertechnologies and shift away from using fossil fuels, primarilycoal. (Reporting by Dmitry Zhdannikov, writing by Ron Bousso, editingby William Hardy)

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19 Jan 2022 08:56

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18 Jan 2022 13:08

UPDATE 1-Norway awards 53 new petroleum production licences

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18 Jan 2022 13:00

Angry investors seek to appoint board member to Third Point UK fund

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18 Jan 2022 12:51

UPDATE 2-Climate activists lose court case against UK oil regulator

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18 Jan 2022 12:51

UPDATE 1-Climate activists lose court case against UK oil regulator

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17 Jan 2022 10:33

UPDATE 2-Oil majors, Iberdrola among winners set to harness Scottish wind

(Updates throughout)By Nina ChestneyLONDON, Jan 17 (Reuters) - Utility Iberdrola and oil majors BP and Shell are among companies offered seabed rights to develop offshore wind projects in the first tender of its kind in over a decade, Crown Estate...

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17 Jan 2022 10:33

UPDATE 3-Scottish wind sale nets nearly $1 billion with Shell, BP among winners

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17 Jan 2022 10:33

UPDATE 1-Crown Estate Scotland offers 17 projects seabed rights for offshore wind

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