|'Carbon bubble' could spark global financial crisis, study warns09-06-2018 22:56|
|"Advances in clean energy expected to cause a sudden drop in demand for fossil fuels, leaving companies with trillions in stranded assets.|
Plunging prices for renewable energy and rapidly increasing investment in low-carbon technologies could leave fossil fuel companies with trillions in stranded assets and spark a global financial crisis, a new study has found."
"trillions in stranded assets" - they still building that Keystone XL pipeline?
Oh dear. How could anyone have seen this coming?
Climate Change Solutions : What you thought you knew is obsolete. Joe Romm. Colorado, Sept 9, 2016
"Bring us your sick and tired, your educated ..."
|Tim the plumber★★★★☆
|Not giving vast amounts of money to the Saudis and Russians will not cause a financial melt down.|
|Sell that man a bundle of triple A.|
The study adds Canada and the US to your list ...
"Several major economies rely heavily on fossil fuel production and exports, yet current low-carbon technology diffusion, energy efficiency and climate policy may be substantially reducing global demand for fossil fuels. This trend is inconsistent with observed investment in new fossil fuel ventures, which could become stranded as a result...
... of an already ongoing technological trajectory, irrespective of whether or not new climate policies are adopted; the loss would be amplified if new climate policies to reach the 2 °C target of the Paris Agreement are adopted ...
... and there are clear distributional impacts, with winners (for example, net importers such as China or the EU) and losers (for example, Russia, the United States or Canada, which could see their fossil fuel industries nearly shut down), although the two effects would largely offset each other at the level of aggregate global GDP."
Macroeconomic impact of stranded fossil fuel assets
If only they'd seen this coming 30 years ago so they could plan a cautious transition.
Marty McFly brought back the wrong almanac.
|Into the Night★★★★★
Happy investing. I'll pass and put my money in oil and natural gas sources. They work. They're cheap. They don't destroy the Earth.
The Parrot Killer
|Sure you will. Top up your screen wash while you're there.|
"Such a sharp slump in fossil fuel price could cause a huge "carbon bubble" built on long-term investments to burst. According to the study, the equivalent of between one and four trillion US dollars could be wiped off the global economy in fossil fuel assets alone. A loss of US$0.25 trillion triggered the crash of 2008 by comparison."
'Carbon bubble' coming that could wipe trillions from the global economy: study
|Houston, we managed to get rid of the problem. |
So Kinder Morgan have just been bailed out, an oil pipeline and transportation company from Texas - selling it's pipeline.
They say the Canadians are too nice for their own good well here you go ...
"Not only has Trudeau reneged on his pledge in the 2015 election campaign to eliminate fossil fuel subsides, which remain at $3.3 billion, he has now thrown an additional $11 billion of taxpayers money on the table. Regardless of your opinion on climate change (i.e. the laws of physics), this massive public investment in the fossil fuel sector at the end of the age of oil is mind-bogglingly ill advised...."
Canada Buys Pipeline as Oil Bubble Is About to Burst
New research finds collapsing oil demand means Trans Mountain is 'doomed.'
At least they're dreaming of palming it off on some other sucker ...
"On May 29, 2018, the Canadian federal government announced its intent to acquire the Trans Mountain Pipeline from Kinder Morgan for $4.5 billion, which is expected to be completed in August 2018 pending approval. The federal government does not intend to remain the permanent owner of the pipeline, as it plans to seek outside investors to finance the twinning project ... Critics of the expansion argued that this proposed purchase was a taxpayer-funded bailout of the project."
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|Appendix C - China's Environmental Crisis|