Environmentalists own been praising the international agreement to reduce greenhouse gas emissions reached this past weekend in Paris. But the reaction from sizable oil companies has been muted.
Those companies stand to lose profits if the world's consumption of fossil fuels declines. But they don't want to be seen as obstructionist.
David Ferris, a reporter for E&E's Energy Wire, said sizable oil companies own been largely silent on the issue so far. "The world of energy is a very large ship, or it takes a very long time to turn it around," he said. "It may be that they're betting...in time frames they care approximately — the next quarter, the next few years — the business continues to be robust. How far ahead they're looking, or how much they're taking Paris into consideration,is hard to know."In this interview, WNYC's Jami Floyd talks with Ferris approximately whether petroleum companies will fight the agreemen, and change their business model.
Source: wnyc.org