A fantastic victory for our atmosphere, our planet, and future generations of humanity: morally reprehensible and myopic Shell have been defeated with a loss of $4.1bn for selfishly exploring for oil in the Arctic.

The oil giant’s search in Alaska’s Chukchi Sea has proved futile. The originally Dutch, and UK headquartered, company have concluded that the waters are too treacherous and have abandoned their controversial drilling operations in the Alaskan Arctic in the face of mounting opposition.

Basic geology theory is right: finite, fossil fuels are finite and are fossils. Basic ecosystem and biosphere theory are right: drilling into Arctic icy waters is perilous for oil rig engineers and perilous for our planet's temperature regulation.

Greenpeace have said that the super-polluting Anglo-Dutch group was rapidly becoming a pariah in the business world.

Experts at the IPCC and elsewhere believe that existing oil and gas reserves cannot be burned if CO2 levels are not to rise to dangerous levels. These environmental scientists feel further drilling is not needed, especially in such high cost areas.

Equally, environment groups have condemned Shell’s Arctic exploration decisions. WWF’s and Yale alumna Margaret Williams said current technology will not contain a spill in the extreme Arctic Ocean ecosystems. "This is one of the most productive marine areas in the world, supporting hundreds of species and thousands of people who depend on the sea's bounty," she said. "To drill in our Arctic Ocean is to gamble with its future"

Why doesn't the world's 13th biggest company heavily invest its hundreds of billions of dollars in renewable energy solutions that can continue to fatten its shareholders' bank accounts, whilst halting global temperatures and greenhouse gas concentrations?