November 17, 2017

Climate change initiative could cost fossil fuels industry $33trn

If predictions are to be believed, countries that are very dependent on fossil fuel exports should be looking for other options before it’s too late.

According to Bloomberg, an energy analyst from Barclays Plc, Mark Lewis, foresees the fossil fuel industry (natural gas, oil and coal) losing $33 trillion in revenue as a result of the world’s shift towards what are classified as “clean” energy sources.

During a panel discussion in New York, on financial risks of climate change, Lewis remarked: “They will be lower demand in the future, and by definition that means lower prices.

Aimed at bringing transparency and consistency in the way companies warn investors about the dangers they face from effects of climate change, the event was organised by the Task Force on Climate Change Related Disclosures. There have been reservations in some

In the past decade, most countries have been massively investing in wind and solar energy, to supplement the capacity of their national power grids and to fulfil their obligations towards reducing their respective carbon footprints.

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