StatoilHydro tackles climate challenge In his first address to the World Petroleum Congress as CEO of the newly-merged StatoilHydro, Helge Lund called climate change "the challenge of our time" and said that the complexity of the. issue challenges the world at the ven highest political and scientific levels. "In fact, it challenges the capability of the very system of global policy-making," he said. "The dilemma of fossil fuels is that they are. perceived as both a blessing and a curse. Fossil fuels drive economic development, but they also impact our climate. Any constructive sustainability discussion has to recognise this dilemma," he said. He said that StatoilHydro views climate change as both a challenge and an opportunity: "It is a challenge as cost of emissions affects our profits and tests our licence to operate. It is also a business opportunity as demand for clean energy and climate technology increases," the CT:0 said, underlining that the company is already hard at work on solutions addressing the climate challenge. "On the Norwegian continental shelf, we have already reduced our carbon emissions per barrel produced to a third of the industry average.
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