Oil and Gas, The Success and Opportunities

As an amendment to motion S4M-05310 in the name of Fergus Ewing (Oil and Gas, The Success and Opportunities), leave out from “welcomes” to end and insert "notes the findings of the International Energy Agency’s World Energy Outlook 2012, which states that no more than one third of proven fossil fuel reserves can be consumed without losing any hope of constraining climate change to 2°C; notes also that the fossil fuel industry is largely valued in relation to reserves; considers therefore that the industry is dramatically overvalued and that there is great danger for Scotland in allowing such an overvalued industry to continue to play a central role in the economy; recognises that the transition from fossil fuels to renewable energy is urgent but cannot be accomplished overnight, and calls on the Scottish and the UK Government to adopt a long-term approach to fossil fuels that would result in a substantial portion of existing reserves remaining unused, to end the support for exploration for new reserves and to invest much of the remaining revenue from the fossil fuel industries in a public renewable energy business that can generate revenue for the public purse without destroying the life chances of future generations."