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The world's fossil fuel companies risk wasting billions of dollars of investment by not taking global action to fight climate change seriously, according to the chief economist of the International Energy Agency (IEA).
Fatih Birol, who will take the top job at the IEA in September and is one of the world's most influential voices on energy, warned that companies making this mistake would also miss out on investment opportunities in clean energy.
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The World Bank and Bank of England have already warned of the serious risk climate action poses to trillions of dollars of fossil fuel investments and the G20 is investigating the risks. The think-tank Carbon Tracker has estimated that over $1tn (£0.6tn) of oil investments and $280bn of gas investments would be left uneconomic if the world's governments succeed in their pledge to limitglobal warming to 2C.
The warnings are based on policy proposals that are entirely creatures of human decisions rather than hard economic realities. Then again, all demand is ultimately the product of human decisions.
Original Submission
(Score: 0) by Anonymous Coward on Wednesday July 15 2015, @04:07PM
i think it comes down to getting money heavy companies on-board the "global warming" boat,
because we cannot outright say that the resources are running out and the only way to
"get the news out" is to declare that climate is getting hotter and we (as humans) thus need to ... useless.
nevermind the poor low-tech countries that have no military to stand up to the first world master-race countries
and just need to follow-do whatever they say; these countries with awesomely growing population are gonna
be first to feel the "pinch" of scarcer (energy) resources ... errr ... i mean global warming.
let's see if the first-world countries will let the 3rd world country horse out of the burning barn and strap some renewable tech to its back or if GREED prevails and rather just have BBQ horse...
(Score: 1) by Ethanol-fueled on Wednesday July 15 2015, @04:22PM
It's not 'global warming,' it's 'climate change.' That way they can scaremonger you into legislation to further deprive you of your rights and take your monies no matter what the weather is doing.
Some people say that there is the possibility of a mini ice-age coming up in a decade or two.
The pope is supposed to speak at the next climate change conference, about some bullshit of all of us sharing the world's resources. He should start with having his rabbits and sheep sterilized and thrown the fuck out of my bread-line.
(Score: 2) by DeathMonkey on Wednesday July 15 2015, @05:47PM
It's not 'global warming,' it's 'climate change.' That way they can scaremonger you into legislation to further deprive you of your rights and take your monies no matter what the weather is doing.
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"It’s time for us to start talking about “climate change” instead of global warming and “conservation” instead of preservation…“Climate change” is less frightening than “global warming”…While global warming has catastrophic connotations attached to it, climate change suggests a more controllable and less emotional challenge".
Source: Republican Political Consultant Frank Luntz, 2003