The global economy is moving away from fossil
fuels. But markets could be in for a shock when the well runs
Meeting the 2015 Paris climate change conference goal of
limiting global warming to below 2°C would mean leaving
one-third of existing global oil reserves, one half of global
gas reserves, and 80% of global coal reserves in the ground.
Shifting the global economy towards a carbon-free – or
at least a low carbon – future certainly won't be
Many of the energy majors have invested billions in
renewable and energy efficiency projects over the past few
years to curb their reliance on fossil fuels. Government
subsidy programmes have also been generous in helping these
sectors take off, and make them an attractive proposition from
a business and financial perspective.
But while the UK's BP highlights in a recent earnings report
that a 'diverse mix of fuels and technologies...