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Shale Oil Surge Poses Threat to Renewable Energy, PwC Warns

Feb 15, 2013
Source: 
(BusinessGreen)

A worldwide expansion of relatively cheap shale oil could put investment in renewable energy and global emissions targets under threat, as well as posing other environmental risks.

The shale oil industry is still in its infancy, but has the potential to reach up to 12 per cent of global production, potentially pushing down oil prices by as much as $50 per barrel by 2035, according to a new report by consultancy firm PwC.

Lower oil prices are more likely to extend production rather than simply increase it, but this could make alternative low carbon technologies less attractive, Jonathan Grant, director of sustainability and climate change at PwC, told BusinessGreen.