Kuros
Joined: 27 Apr 2004
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 Posted: Sun Nov 18, 2007 7:49 pm Post subject: OPEC Pledges $750million towards Carbon-Capture Research |
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Saudi Arabia alone bids $300million
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Oil producers see climate policies that focus on oil consumption as an unfair way to curb the use of fossil fuels worldwide. By funding research into carbon emissions, Saudi Arabia seeks to find ways to extend the use of petroleum resources at a time when global warming could lead to changes in consumer attitudes in Western countries.
"We want to continue using fossil fuels while protecting the environment," said Mohammad Al Sabban, a senior Saudi government advisor on climate change. "What we are worried about is for industrialized countries to use climate policy as a pretext to discriminate against oil."
Vera de Ladoucette, an energy analyst at the Cambridge Energy Research Associates, said: "This shows a new dimension to OPEC, which is the environment. This could be a defensive stance to improve their image. But also, a way of acting against anything that might reduce demand for oil." |
Saudi Arabia's total GDP is $282 billion. At .1% of GDP, the gesture is somewhere above token but beneath substantial. |
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