The global market value of fossil fuels is set to collapse by almost two-thirds, creating heightened economic risk for companies, financial markets and countries failing to embrace new low-carbon technology. That is according to Carbon Tracker, which notes that rising demand for and energy share of renewables has set demand for fossil fuels into rapid decline. The decline has also been compounded by the coronavirus pandemic.
Edie 4th June 2020 read more »
‘Decline and fall’: Transition away from fossil fuel economy could lead to plummeting valuations for high carbon assets.
Business Green 4th June 2020 read more »
The coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting companies. A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the Covid-19 crisis has hastened the peak for oil, gas and coal demand. The looming fossil fuel collapse could pose “a significant threat to global financial stability” by wiping out the market value of fossil fuel companies, according to financial thinktank Carbon Tracker.
Guardian 4th June 2020 read more »
Independent 4th June 2020 read more »
Fossil fuel companies could see profits fall by two thirds in the coming years, sending shockwaves through the financial markets and the value of British pensions plummeting. Squeezed by the growth of renewable technologies and battered by tougher climate policies, think tank Carbon Tracker argues the fossil fuel industry is in “terminal decline”. Industry expectations of future oil, gas and coal profits hover around $39tr (£31trn), but falling global demand could cut this to just $14tr in a matter of years, Carbon Tracker said.
iNews 4th June 2020 read more »
The rise of clean tech such as renewables, electric cars and climate policies could cut global fossil fuel profits by two thirds, a report warns. The report from financial think tank Carbon Tracker warned the fossil fuel industry is approaching terminal decline, a disruption that is being hastened by the impacts of Covid-19 driving falling demand for fuels such as oil. The world may already have seen peak demand for fossil fuels in 2019, the analysis said. The consequences of this would send shockwaves through the global economy, hitting companies which extract, supply and use fossil fuels as well as the financial markets invested in them and countries reliant on exports.
Energy Voice 4th June 2020 read more »
Vladimir Putin has ordered a state of emergency after 20,000 tonnes of diesel fuel spilled into a river inside the Arctic Circle. The spill occurred when a fuel reservoir at a power plant near the city of Norilsk collapsed on Friday. The plant is operated by a division of Nornickel, whose factories in the area have made the city one of the most heavily polluted places on Earth. During a video conference on Wednesday that was broadcasted on television, Putin lambasted the head of the Nornickel subsidiary that owns the power plant, NTEK, after officials said the company failed to report the incident.
Guardian 3rd June 2020 read more »