No real alternatives to oil: Chairman Chevron SL

http://www.sundaytimes.lk/100815/BusinessTimes/bt36.html

No real alternatives to oil: Chairman Chevron SL
By Jagdish Hathiramani

There are no existing real alternatives to the world’s dependence on fossil fuels that account for 87% of the world’s current energy needs, according to Dr. Kishu Gomes, the Chairman of the local operation of USA-based oil company Chevron. He also added world energy demands by 2030 will be 40% higher than today. This is in addition to an oil crisis looming and ever-shortening intervals between recessions. Further, over the last three years, commodity prices increased by 100% while natural disasters, like those recently in Bangladesh and China, which cost these countries 5.2% and 2% of GDP respectively, would only grow to become more and more frequent with greater magnitudes.

He further noted that the recent BP crisis amounting to over a billion barrels of oil spilled was not atypical as the equivalent of 4.7 million barrels of oil leaks annually while a further 4.2 million barrels is added to this mix due to natural seepage. Dr. Gomes also suggested that for energy sustainability to become a reality substantial investments were needed in this area, which was not happening. Instead he noted that more and more money was being used to fight terrorism internationally and, in the case of Sri Lanka, the government’s continued spending of Rs. 170-180 billion on security.

Dr. Gomes made these comments at the recently concluded “CEO Forum on Innovation and Sustainability” organised by the American Chamber of Commerce in Sri Lanka and the Sri Lanka Association of Software and Service Companies. Also speaking at the forum, Sri Lanka Institute of Nanotechnology Chief Executive Ravi Fernando noted that being sustainable for Sri Lankan businesses had more to do with value addition as opposed to their traditional leanings towards commoditisation.

He also noted that there was a significant cause and effect relationship between a country’s investment in sciences and technology and its prosperity. To illustrate this point, he highlighted the examples of Korea and Singapore; countries that spent 2.5% and 2.2% respectively on science and technology research resulting in 75% and 60%, respectively, of exports of a technological nature. He further noted that Korea had over 5,000 patent s filed per year while Singapore had 446, compared to Sri Lanka’s 1.8.

Mr. Fernando also revealed that over the past year, SLINTEC’s first year of science, it had already filed five patents in the USA. He elaborated on one such process that related to sustainable nano fertiliser and its ability to address the problem that, of the Rs. 30 billion in fertiliser bought in Sri Lanka annually, one half or 50% was lost or washed away due to leeching. He further added that this could be exported since other countries faced similar problems.

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