BP's CEO, John Browne, has warned that fear was driving the price of crude to artificially high levels, with "untold consequences" for the global economy. He argued that turbulence in Iran, Iraq and Nigeria was leading to continual speculation about oil shortages and there were "all sorts of things that suggest it is getting worse".
The World Bank has unveiled a new project to promote the use of clean energy in developing countries, where it argues that up to 40 billion dollars a year is needed to cover the costs of adapting to projected climate change.
BP and Exxon both make top ten worst companies in 2005, according to Multinational Monitor.
Celebrated UK green activist and Guardian columnist, George Monbiot, today argues that “This is embarrassing, but I've become a fossil fuel supporter”. He argues: “I find myself at odds with almost everyone, by deciding, at the worst possible moment, that in one respect at least our battle against climate change depends on neither nuclear power nor renewables, but on a fossil fuel”.