BP boss call for action on peak oil and climate change
By Gerry Hueston, 4 August 2005

BP Australia president Gerry Hueston has told the West Australian Business Leaders Breakfast that industry must face its responsibilities in dealing with global climate change and a looming peak in global oil supply. Addressing the gathering of industry stakeholders, Hueston said not taking action and instead arguing about the specificities of when peak oil might occur was not a practical exercise.

He advocated that industry act now to reduce dependence on fossil fuels, because no matter the date, peak oil would arrive and it was better to be prepared sooner than later.
Hueston also said while much scientific information on climate change was provisional, there was enough available evidence to suggest that early precautionary action was necessary.

"It would be too great a risk to stand by, do nothing and to wait so long that when the impact on the climate really does begin to be felt, we have to collectively take action which is so disruptive that it causes serious damage to the world's economy," he said. "This is not a radical view. Whilst there is a significant debate on what sort of action to take, these days very few people, aside from some
pretty blatant vested interests, now challenge the basic need to take on the issue."

Hueston said energy demand was expected to at least double worldwide in the next 50 years, with commensurate increases in emissions and pollution. He said in order to keep greenhouse emissions at today's levels, significant action needed to be taken by industry now to avoid future
catastrophe. While the technology was available to make the changes, Hueston said the challenge was to open the eyes of industry to its role in creating a secure future.

"We have to recognise the challenge, and make a start," he said. "I am enormously optimistic about this challenge. If I can use a cricketing analogy, I believe it is equivalent to batting second in a one-day game and needing to get a run rate of between five and six-an-over to win. "Challenging, achievable, but not leaving much room for delays or slow starts."

Source:  http://www.bp.com.au/news_information/speeches/speeches.asp