Multinational liquid and solid minerals group BHP Billiton has warned against bans on fossil fuel investment, saying it would seriously slow global economic growth. The Investec financial group says that this warning comes as the Norwegian government has decided to investigate whether Norges, the 3rd largest shareholder in BHP Billiton, should be banned from investing in coal, oil and gas.
Speaking at a conference in the US, BHP CEO Andrew Mackenzie, said that coal and fossil fuels will remain central to the global energy mix, given their affordability and availability. The company expects that by 2030 over 70% of the world’s energy will be supplied by oil, gas and coal. While gas is expected to show the strongest growth. BHP does not expect to see gas replace coal globally at the scale and pace as seen in the US.
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