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| Death in Long Beach, back in the day |
A major threat to fossil fuel companies has suddenly moved from the
fringe to center stage with a dramatic announcement by Germany’s biggest
power company and an intriguing letter from the Bank of England...
The concept gaining traction from Wall Street to the City of London is simple. Limits on emissions of carbon dioxide will be necessary to hold temperature increases to 2 degrees Celsius, the maximum climate scientists say is advisable. Without technologies to capture the waste gases from combusting fossil fuels, a majority of known oil, gas and coal deposits would have to stay underground. Once that point is reached, they become stranded...
Even as oil prices have dropped sharply, some operators and regulators are taking note of the risks from exposure to fossil fuels. EON SE, Germany’s biggest utility and second-largest polluter, said yesterday it will spin off its fleet of dirty, aging power stations and oil fields to focus on renewable energy. Hours later, a letter emerged from Bank of England Governor Mark Carney to a committee in Parliament stating that he had instructed his staff to review whether sizable losses from stranded coal, oil and gas reserves could hurt banks, investors, insurance companies and the rest of the financial system...
Institutions opting to divest now include Stanford University in California and The Rockefeller Brothers Fund, built with profits from Standard Oil Co...
At the University of California, Chief Investment Officer Jagdeep Baccher is reviewing the investment strategy for the school’s $91 billion portfolio, which is about 10 percent invested in fossil fuels. He hasn’t yet ruled divestment in or out, and is considering wider strategies to invest in carbon-cutting technologies...
Full story at http://www.bloomberg.com/news/The concept gaining traction from Wall Street to the City of London is simple. Limits on emissions of carbon dioxide will be necessary to hold temperature increases to 2 degrees Celsius, the maximum climate scientists say is advisable. Without technologies to capture the waste gases from combusting fossil fuels, a majority of known oil, gas and coal deposits would have to stay underground. Once that point is reached, they become stranded...
Even as oil prices have dropped sharply, some operators and regulators are taking note of the risks from exposure to fossil fuels. EON SE, Germany’s biggest utility and second-largest polluter, said yesterday it will spin off its fleet of dirty, aging power stations and oil fields to focus on renewable energy. Hours later, a letter emerged from Bank of England Governor Mark Carney to a committee in Parliament stating that he had instructed his staff to review whether sizable losses from stranded coal, oil and gas reserves could hurt banks, investors, insurance companies and the rest of the financial system...
Institutions opting to divest now include Stanford University in California and The Rockefeller Brothers Fund, built with profits from Standard Oil Co...
At the University of California, Chief Investment Officer Jagdeep Baccher is reviewing the investment strategy for the school’s $91 billion portfolio, which is about 10 percent invested in fossil fuels. He hasn’t yet ruled divestment in or out, and is considering wider strategies to invest in carbon-cutting technologies...
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