Oil companies urged to quit petroleum

Study sets out economic rationale for petroleum sector to shift investment to renewables

The world's four leading oil companies - ExxonMobil, BP, Shell and TotalFinaElf - should follow the lead shown by industrialised countries under the Kyoto protocol and reduce by 5% to 2012 from 1990 levels the amount of carbon dioxide emissions generated by their oil product sales, according to Greenpeace Germany.

Such a move would amount to voluntary curbs on sales of oil, with remaining demand to be taken up by renewable energy sales. A report written for the group by German thinktank the Wuppertal institute has analysed the economic consequences involved. The necessary investment in renewables would be between US$0.9-2.6bn (euros 1-2.8bn) annually, it concludes.

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