The London School of Economics and NGO Carbon Tracker made the news when they found that fossil fuel exploration companies spent £440 billion in 2012 looking for oil, gas and coal. They postulated that if this continues for ten years (reasonably likely in my view) the oil gas and coal found could not be burnt if governments adhere to their fossil fuel emission targets (unlikely in my view). The study points out that if the level of global warming was restricted to three degrees as opposed to the present two degrees, much of the fossil fuel found would be unburnable because of the three degree global warming target.
This study does not show that investors in fossil fuel companies are being misled because they are putting their savings into businesses that will be forced to fail because of the world’s global warming targets; this study shows that investors know that governments of the world will not stick to their global warming targets. The short term chase for money takes precedence over everything on our planet, even our planet.
Filed under: carbon emissions, climate change, energy, global warming | Tagged: Coal, fosil fuel burning, gas, investment in fossil fuel companies, LOndon School of Economics, LSE, NGO Carbon Tracker, oil |