Climate, Energy Transition and Oil Resources

Abstract

Perhaps through a momentum effect, many OECD countries, especially the EU27 group, continue to have official government policies and accompanying measures, including sometimes large subsidies for the mitigation or “fight” against climate change. However, since the failure of the Dec 2009 Copenhagen climate conference, and the sovereign debt crisis necessitating large cuts in government spending, this “fight” is less often communicated as being critical to human survival. The linked theme, and policy area of energy transition away from fossil fuels has also become less emphasised, perhaps because global warming is now seen as “last year's crisis”, and perhaps because oil prices are thought to be manageable, at midyear 2010 price levels. Underlying both themes, a very large range of data, theories and modeling or scenario building are in play. This article selects and briefly examines certain key themes in play, in particular the question of renewable and non-renewable resources, and their exploitation or stewardship.