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    Shell Chief: Diverse Fuel Future Ahead

    Energy executive also calls for cap on emissions.

    HOUSTON -- The future will be powered by a variety of sources, including biofuels and fossil fuels, said Jeroen van der Veer, chief executive of Royal Dutch Shell plc in a statement.

    "We stand at the early dawn of a new energy future. It will be powered by alternative energy and cleaner fossil fuels," he said, adding with the correct regulations and incentives, renewable sources will provide nearly 30 percent of the world's energy by 2050. "The world's highways will rumble and whir with vehicles powered by all manner of energy: gasoline, diesel (yes, still there), electricity, biofuels, natural gas and hydrogen."

    He also said that conventional diesel- and gas-powered vehicles will get better fuel economy, and biofuels will account for up to 10 percent of liquid transport fuel in the next few decades. Meanwhile, by 2020 up to 15 percent of new cars worldwide could be hybrid electrics. And fuel cell vehicles powered by hydrogen will be a small but growing part of the fleet by 2030.

    "Greater variety of fuel choices will be a boon for consumers," said van der Veer.

    Fossil fuels will also continue to provide more than half the world's energy in 2050, predicted van der Veer, adding they "build a long bridge to an era when alternatives can take over."

    He also said oil companies will need to find new sources of fossil fuels, and accelerate efforts to make fossil fuels cleaner, by reducing the carbon dioxide emitted in their production and use.

    But to reach this future, industry and government regulations must change on a huge scale, at an unprecedented pace, he said, adding tax credits and other incentives will encourage the growth of renewables.

    One critical step is to put a price on greenhouse gas emissions, van der Veer said, adding he prefers a system that caps emissions and allows companies to trade emission allowances.

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