Fossil fuel companies will soon find that the “vast majority of reserves are unburnable,” Bank of England Governor Mark Carney told a World Bank seminar last week.
Carney “reiterated his warning that fossil fuel companies cannot burn all of their reserves if the world is to avoid catastrophic climate change, and called for investors to consider the long-term impacts of their decisions,” Shankleman reports.
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“Carney is the latest high profile figure to lend his weight to the ‘carbon bubble’ theory, which warns that fossil fuel assets, such as coal, oil and gas, could be significantly devalued if a global deal to tackle climate change is reached.”