Lloyd's: Business can’t rely on oil after Deep Horizon - June 2010

Writing in The Times, Richard Ward, CEO of Lloyd's of London, asserts that "The slick in the Gulf makes the best case yet for renewable energy. It will bring large profits and small risks.

Tough questions are rightly being asked of the oil industry, but the disaster raises wider issues than the culpability of a few companies. It poses a fundamental question about whether our dependency on oil and other fossil fuels is sustainable.

Oil, coal, gas and uranium make up 90 per cent of the world’s traded energy. As these supplies deplete and demand increases, energy companies are taking greater risks to find new reserves. I fear, as we are pushed into more difficult terrain, that this means more danger and risk...

...If the slick in the Gulf is the first indicator of the potential economic chaos we face as demand pushes us into ever riskier places, then securing our energy supply means investing in clean and renewable energy technology."

Read the full article in The Times here.