The Guardian – Terry Macalister and Kai Steemers

The chairman of parliament’s energy and climate change committee has joined those warning the fossil fuel industry to take the threat of stranded assets seriously, and believes Shell is wrong to write off critics as naive.

Tim Yeo, a veteran Conservative MP and nuclear enthusiast, also expressed alarm at the latest delays at the new Hinkley Point building project in Somerset, saying he hoped they would not lead to eventual cancellation.

Shell’s chief executive, Ben van Beurden, told a dinner of the international petroleum industry last week that those who argued fossil fuels should be kept in the ground were misguided in a world of rising energy demand.

Yeo, however, said the company should be wary: “I do believe the problem of stranded assets [where fossil fuels are rendered worthless because they cannot be burned in a world threatened by global warming] is a real one now.

To read the full article visit The Guardian website