Green energy systems are no longer merely 'nice to have' but are now an essential part of securing cheap energy supplies, it has been suggested.
According to a new report from Lloyd's 360 Risk Insight and UK think tank Chatham House, the over-reliance on fossil fuels is pushing the search for reserves into more difficult territory and necessitates a greater focus on sustainable cheap energy alternatives.
The report highlighted the recent oil spill in the Gulf of Mexico as proof of the need to make a transition into more cost effective, clean and renewable energy systems.
Richard Ward, chief executive of Lloyd's, said: "The current generation of business leaders need to rethink their approach to energy risks or be left behind as energy becomes less reliable and more expensive."
He added that the economic and environmental cost of reliance on fossil fuels is much too high and there needs to be a long-term plan to reduce consumption and diversify energy sources.
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