30 Jan '13, 5pm

HSBC: BP, Shell, Statoil at risk from 'unburnable' reserves

HSBC: BP, Shell, Statoil at risk from 'unburnable' reserves

Oil and gas majors, including, BP, Shell and Statoil, could face a loss in market value of up to 60 percent should the international community stick to its agreed emission reduction targets, analysts at HSBC have warned. A new report from the banking giant finds that 17 percent of Norwegian company Statoil's reserves would become "unburnable" in a world where oil and gas use falls as countries seek to keep carbon concentrations in the atmosphere to 450 parts per million (ppm), the level the International Energy Agency (IEA) estimates is necessary to deliver a 50 percent chance of limiting long-term temperature rises to 2°C. Governments around the world have repeatedly committed themselves to ensuring average temperatures do not rise above 2° C, the level at which scientists warns atmospheric feedback loops could trigger "dangerous" climate change. Under its 2° C scenario, ...

Full article: http://www.greenbiz.com/news/2013/01/30/bp-shell-statoli-...

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