Wednesday, September 30, 2015

FT: BoE Chief warns of risk of stranded assets from unburnable fossil fuels.

Related to earlier discussions featured on this blog [here, here and here], the FT writes that Mark Carney, the chief of the Bank of England, warns of the potentially massive downside risk in the UK if binding climate change policy would left the majority of proven reserves unburnable (in the near future). He noted that 19% of the companies on the FTSE100 are related to extractive industries, and that if the world would decide on the 2 degrees limit, and without massive involvement of carbon capture, 'carbon budgetting' would imply that around two thirds of currently proven reserves should not be extracted.

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