Extracts from an article in The Guardian: Fossil Fuel Companies Defy Warnings On Burning Reserves:

The world’s biggest fossil fuel companies are taking a defiant stance against warnings that reserves of coal, oil and gas are already several times larger than can be burned if the world’s governments are to meet their pledge to tackle climate change.

ExxonMobil, Chevron and Shell have defended their interests by arguing that the only way the world will meet its energy demands is by burning fossil fuels.

Peabody Energy, the world’s largest private coal company, said that global warming was “an environmental crisis predicted by flawed computer models.

Oil and gas major ExxonMobil said new reserves in the Arctic and Canadian tar sands must be exploited, moves scientists deem incompatible with tackling global warming.

The fossil fuel companies rejection of the consensus of governments and scientists that urgent action to cut emissions is needed, comes as the G20 group of leading nations launched a joint probe into global financial risks posed by fossil fuel companies investing in expensive projects that could be left worthless by international action on climate change.

According to Anthony Hobley, chief executive of the Carbon Tracker Initiative, which has pioneered the analysis of the so-called ‘carbon bubble’:

“The sudden interest of climate ‘merchants of doubt’ like Peabody in global poverty strikes me as cynical at best.

They are using the world’s energy poor for a game of smoke and mirrors to sow confusion because the facts say otherwise.

It reminds me of similar denials by previous industries in decline, from steam locomotion, Kodak film, Blockbuster videos and Olivetti typewriters.”

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Not sure why Olivetti were singled out. I’d argue they knew better than most which way the wind was blowing. And if they failed, ultimately, to adapt to changing times, it was not for want of trying.

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