Leading UK companies have launched a report, The Oil Crunch: Securing the UK’s Energy Future, warning that cheap, easily available oil is likely to end by 2013, posing a grave risk to the UK and world economy.
The UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) includes Arup, FirstGroup, Foster + Partners, Scottish and Southern Energy, Solarcentury, Stagecoach Group, Virgin Group and Yahoo.
It sets out a series of practical recommendations for Government, including action to grasp the significant economic and environmental opportunities from a step-change in investment in renewable energy and sustainable transport. It dismisses nuclear power and carbon capture - at least in the short term - because of the urgency of the situation.
"We need technologies that can be mobilized very quickly, like many of the renewable and efficient-energy technologies," they conclude.