Thursday, August 13, 2015

IEA's chief economist warns about risks of investments in fossil fuels when ignoring climate change

Speaking at a major climate science conference in Paris IEA chief economist Fatih Birol said that the world’s fossil fuel companies risk wasting billions of dollars of investment by not taking global action to fight climate change seriously.
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 limit global warming to 2C. Professor Ottmar Edenhofer from Germany warned of a “global coal renaissance”, particularly in fast-growing poor nations. He said six of the 10 fastest growing carbon emitters are from sub-saharan Africa, led by Congo, Benin and Angola. He said that, even if technology to capture and store carbon on a large scale is developed, two-thirds of all coal resources and a third of all oil and gas would have to be kept in the ground to limit climate change to 2C. Read more at