Shell threatens to end European investment
Shell is shaping up to be the kind of oil company that, if it doesn’t get its own way, will hold it breath until it turns a slightly odd colour in the hope its indulgent parents will cave in and let it have its own way. It probably took its ball home after it wasn’t picked to be striker too. It’s a bit like that.
What’s prompted Greenbang’s ire? Statements by the company’s head of exploration and production, Christian Blame’s comments that the company will stop investing in Europe if the European carbon trading scheme goes ahead.
Shell is unhappy as the proposed system would see it forced to pay for some of its carbon emission permits which, Shell says, would completely offset (see what Greenbang did there) its profits Europe.
According to The Times, Balme told an energy conference that if the scheme gets the green light:
“It is impossible. So there will be no more investments by Shell in Europe. I am talking about $US250 million of profits at the moment. If we extrapolate the price of CO2 by the tonne, we arrive at the same level, which is unacceptable.”
Shell apparently favours a cap and trade system instead.
