The oil industry is at risk of a global market shock that could halve the value of fossil fuel investments if governments delay setting policies to tackle the climate crisis, according to new analysis. A report by Carbon Tracker, a financial think tank, warned that a “handbrake turn” in climate policy could have a “forceful, abrupt, and disorderly” impact on the global oil industry by derailing fossil fuel demand. The report warned that the longer governments wait to set new regulations to drive climate action the tougher they will need to be to avert the risk of runaway greenhouse gas emissions and dangerous global heating. The report modelled the impact of a swift government crackdown on fossil fuels from 2025. It predicted that the impact could cause global oil prices to collapse, wiping out billions of dollars worth of fossil fuel investments.
Edie 31st Jan 2020 read more »