Low-carbon, renewable energy sources are unlikely to replace the role of fossil fuels any time soon meaning the key value of oil companies’ proven reserves are not under threat from growing concerns over climate change, Shell chief executive Ben van Beurden said Tuesday. In an apparent reply to recent concerns voiced by the head of the UK’s central bank over the risks of stranded oil industry assets due to rising climate fears, van Beurden said alternatives to fossil fuels are still a long way from replacing conventional fuel sources for the world’s biggest energy consuming sectors. “I know that some people would like fossil fuels to be replaced by renewables as we speak. But for technical and economic reasons, this can only happen step by step,” van Beurden told the Oil & Money conference in London. Bank of England Governor Mark Carney last week said investors should be cautious […]