29 Apr '14, 9pm

Fossil Fuels Face the Prospect of $30T in Losses

Fossil Fuels Face the Prospect of $30T in Losses

The global fossil fuel industry faces a loss of $28 trillion in revenues over the next two decades if the world takes action to address climate change, cleans up pollution and moves to decarbonize the global energy system. The assessment, made by leading European brokerage Kepler Cheuvreux, underlines what’s at stake for the fossil fuel industry, including factors such as a push for cleaner fuels and concerted efforts to reduce emissions, and helps explain the significant pushback from the oil and coal industries against such policies. The Kepler Cheuvreux report, penned by a team led by Paris-based analyst Mark Lewis, a former head of Deutsche Bank’s carbon and energy team, says the oil industry has the most to lose, with a potential loss of $19.3 trillion in revenues in the period 2015-2035. The coal industry stands to lose $4.9 trillion, while the gas industry could los...

Full article: http://www.greentechmedia.com/articles/read/fossil-fuels-...

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