As the CEO of a large coal mining enterprise it is not surprising that Mr.Kenyon-Slaney is putting his hopes on CCS. CCS is one of the very few strategies left to avoid stranded assets but despite the billions of dollars being invested by companies and taxpayers to ramp up this technology it will at best slow coals demise.. With the divestment (away from fossil fuels) movement gaining pace and the increased realisation that coal is an out of date technology for supplying new energy, fossil fuel companies need to focus on embracing some of these new technologies and not defending business as usual. For the moment the fossil fuel industry and their lobbyists have significant influence over government but communities are waking up that traditional energy sources are health hazards, inefficient, increasingly expensive, wasteful and impoverishing the communities that rely on them. Voters will increasingly demand access to clean, reliable, renewable energy sources that can be owned locally. The tide has turned and if Rio and others dont realise it then they will disappear - well before Mr. Kenyon-Slaneys 100 year time frame. Company directors have a fiduciary responsibility to maximise returns to shareholders. Committing to the ongoing development of fossil fuels will land them in trouble. As the CEO of a large coal mining enterprise it is not surprising that Mr.Kenyon-Slaney is putting his hopes on CCS. CCS is one of the very few strategies left to avoid stranded assets but despite the billions of dollars being invested by companies and taxpayers to ramp up this technology it will at best slow coals demise.. With the divestment (away from fossil fuels) movement gaining pace and the increased realisation that coal is an out of date technology for supplying new energy, fossil fuel companies need to focus on embracing some of these new technologies and not defending business as usual. For the moment the fossil fuel industry and their lobbyists have significant influence over government but communities are waking up that traditional energy sources are health hazards, inefficient, increasingly expensive, wasteful and impoverishing the communities that rely on them. Voters will increasingly demand access to clean, reliable, renewable energy sources that can be owned locally. The tide has turned and if Rio and others dont realise it then they will disappear - well before Mr. Kenyon-Slaneys 100 year time frame. Company directors have a fiduciary responsibility to maximise returns to shareholders. Committing to the ongoing development of fossil fuels will land them in trouble.
Posted on: Wed, 24 Sep 2014 03:21:25 +0000
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