Removing fossil fuels from the mix of energy sources would take the same resources as putting a man on the moon, according to the CEO of Marathon Oil.
Clarence Cazalot Jr. argued alternate energy sources such as wind, solar and geothermal power do not have the capacity to meet global demand for energy which will increase by about 40 per cent between 2007 and 2030 with the majority of growth coming from developing nations.
“There’s no silver bullet solution that’s going to render fossil fuels obsolete tomorrow or make renewables suddenly technically and commercially viable and available,” he said during a CEO dialogue on the future of global energy at GLOBE 2010. “That doesn’t happen overnight.”
Recognizing alternate energy sources make up 10 per cent of the global energy supply, Cazalot acknowledged those sources are needed in future energy plans.
The Texas-based CEO called for greater energy efficiency and conservation through technology as the cheapest and fastest means of reducing greenhouse gas emissions, diversify and increase all sources of energy without government intervention and innovation and deployment of new technologies to increase minimize environmental impact of energy use.
“We don’t need our elected officials picking winners and losers.”