{"id":14833,"date":"2015-11-27T07:46:53","date_gmt":"2015-11-27T12:46:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14833"},"modified":"2015-11-27T07:46:53","modified_gmt":"2015-11-27T12:46:53","slug":"perfect-storm-heads-for-fossil-fuel-assets","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14833","title":{"rendered":"Perfect storm heads for fossil fuel assets"},"content":{"rendered":"<h3 class=\"article_title is-main\"><a href=\"http:\/\/climatenewsnetwork.net\/perfect-storm-heads-for-fossil-fuel-assets\/\">Perfect storm heads for fossil fuel assets<\/a><\/h3>\n<h3><a href=\"http:\/\/climatenewsnetwork.net\/perfect-storm-heads-for-fossil-fuel-assets\/\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-article-full wp-post-image\" src=\"http:\/\/climatenewsnetwork.net\/wp-content\/uploads\/2015\/11\/gas-drilling-cemetry-800x400.jpg\" alt=\"gas drilling cemetry\" width=\"800\" height=\"400\" \/><\/a><\/h3>\n<div class=\"article_summary\">\n<div class=\"article_excerpt\">\n<p>A natural gas refinery next to a cemetery in New Mexico, US.\u00a0<em>Image:\u00a0<a href=\"https:\/\/www.flickr.com\/photos\/crimsonninjagirl\/\">Christina Xu<\/a>\u00a0via Flickr<\/em><\/p>\n<\/div>\n<\/div>\n<div class=\"article_content \">\n<div class=\"ssba ssba-wrap\"><strong>Coal, oil and gas sectors warned that trillions of dollars of assets could be stranded if a global agreement on limiting climate change is reached at the UN summit in Paris.<\/strong><\/div>\n<p><em>LONDON, 25 November, 2015<\/em>\u00a0\u2013 The fossil fuel industry may waste as much as US$2.2 trillion (\u00a31.45 tn) in the next decade if it persists in pursuing projects that prove uneconomic in a world beginning to turn its back on carbon.<\/p>\n<p>An independent thinktank, the\u00a0<a href=\"http:\/\/www.carbontracker.org\/report\/stranded-assets-danger-zone\/\" target=\"_blank\">Carbon Tracker Initiative<\/a>\u00a0(CTI), says the industry faces \u201ca perfect storm\u201d of factors, including international action to limit global average temperatures to 2\u02daC above their pre-industrial level, and rapid advances in clean technologies.<\/p>\n<p>The CTI report says there will be no need for new coal mines, oil demand will peak around 2020, and growth in gas will disappoint industry expectations if world leaders agree and then implement the policies needed to meet the UN commitment to keep climate change below 2\u02daC \u2212 the threshold agreed by most governments.<\/p>\n<p>Next week\u2019s\u00a0<a href=\"http:\/\/newsroom.unfccc.int\/cop21parisinformationhub\/\" target=\"_blank\">UN climate change conference in Paris<\/a>\u00a0will be trying to reach such a global agreement.<\/p>\n<p><strong>Excess of supply<\/strong><\/p>\n<p>The report warns: \u201cIf the industry misreads future demand by underestimating technology and policy advances, this can lead to an excess of supply and create stranded assets. This is where shareholders should be concerned.\u201d<\/p>\n<p>James Leaton, CTI\u2019s head of research and co-author of the report, says: \u201cToo few energy companies recognise that they will need to reduce supply of their carbon-intensive products to avoid pushing us beyond the internationally-recognised carbon budget.<\/p>\n<p>\u201cClean technology and climate policy are already reducing fossil fuel demand. Misreading these trends will destroy shareholder value. Companies need to apply 2\u02daC stress tests to their business models now.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Perfect storm heads for fossil fuel assets A natural gas refinery next to a cemetery in New Mexico, US.\u00a0Image:\u00a0Christina Xu\u00a0via Flickr Coal, oil and gas sectors warned that trillions of dollars of assets could be stranded if a global agreement on limiting climate change is reached at the UN summit in Paris. LONDON, 25 November, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[113,10773,9245,1004,2857,10774,1729,3978,2856],"class_list":["post-14833","post","type-post","status-publish","format-standard","hentry","category-environment","tag-carbon-emissions","tag-carbon-tracker-initiative","tag-climate-news-network","tag-co2","tag-demand","tag-fossil-fuel-assets","tag-oil-and-gas-industry","tag-production","tag-supply"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14833"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14833\/revisions"}],"predecessor-version":[{"id":14834,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14833\/revisions\/14834"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}