Why the stupidity?

BP’s Chief Executive  Bob Dudley has just announced that peak oil is not going to happen any time soon. Worse, he forecasts drilling much more oil than can be safely burnt without triggering massively damaging climate change.

His comments accompany a BP study predicting oil production will increase substantially, with unconventional and high-carbon oil making up the increase in global oil supply to the end of this decade, with the massive growth of shale oil in the US driving much of the growth.

BP forecasts that carbon dioxide emissions will rise by more than a quarter by 2030 – a disaster because if the world is to avoid dangerous climate change then a large number of studies show emissions must peak by 2016 at the latest. This exceeds the permissible carbon budget – the amount of carbon that can be released before triggering 2° temperature rise – by a very large margin.

Dudley told The Guardian, ‘‘The outlook shows the degree to which once-accepted wisdom has been turned on its head. Fears over oil running out – to which BP has never subscribed – appear increasingly groundless. The US will not be increasingly dependent on energy imports, with energy set to reinvigorate its economy. And China and India are expected to need a lot more imports to keep growing.’’

So BP, who once tried to reinvent itself by rebranding as Beyond Petroleum, is now under the control of a very stupid man, and is stupidly heading towards the yawning chasm of stupidity that threatens us all. Nice work, stupid man, stupid company, stupid status quo.

Why the stupidity?

I see the reasons as:

• vested interest (capital in all the wrong places),
• lack of concern (I’m alright Jack – and why should I care about future generations or poor people, what have they ever done for me?),
• and ideological cherry picking of scientific evidence (happy to drive my car which could not exist without science, but also happy to dismiss climate science because it really doesn’t suit our current business model)

Let’s end the stupidity.

How? Let the market drive the change from the bottom at the same time as lobbying for limits at the top. BP and other amoral public companies* understand the market at least. Make choices that do not involve, or reduce, the amount of oil burnt. Slow demand, change the game plan. It’s in our power to do this, and don’t let may-sayers tell you China and India are out of control so why bother. They aren’t out of control at all, and in any case, doing the right thing is just that – doing the right thing.

Let’s end the stupidity, as consumers.

* Listed companies are essentially amoral. This should not surprise us – their legally binding charter demands that they provide a return to shareholders. Any other activity must not interfere with that. They are therefore, by definition, hungry beasts. When they engage in Corporate Social responsibility, it is either because the are forced to by regulation of law, or as marketing ploy to win more customers.

So who provides a moral framework for corporations if they cannot provide it themselves?

Well that would be government’s role. Which is why it so very dangerous when governments get too close to coprporations. WA Premier Barnett and woodside – you are on notice that you have had an unhealthy relationship over the development of the gas hub at James Price Point in the Kimberley. NSW Premier O’Farrell, you are on notice that you are too close to the coal and gas mining industry. Qld Premier Campbell Newman, you are just on notice!