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.
(Score: 2) by curunir_wolf on Thursday July 16 2015, @12:40AM
No, as in "Babysitting experience is not a qualification for teaching post-graduate university courses," to say nothing for being considered an expert in the field. Learning numbers is not "math", and dropping tennis balls on the floor to see how gravity works is not the same as explaining the concepts behind the double-slit particle/wave experiment.
Do you millennials even know the difference between television and real life?
I am a crackpot
(Score: 2) by DeathMonkey on Thursday July 16 2015, @04:04AM
Do you millennials even know the difference between television and real life?
Yep, on TV you can montage past all the hard work and skip straight to post-graduate university math courses.
In real life you need to learn how to count first.