The latest UN environment programme report on the gap between fossil fuel production and safe levels of consumption, to limit global warning to no less than 2°C, is nothing short of alarming.
Not only is the current production gap inconsistent with many Goverment’s own emissions targets but it also has the potential to leave billons of dollars of assets stranded.
“A production gap of this magnitude implies a risk of sub- stantial over-investment in fossil fuel exploration, develop- ment, and infrastructure. Indeed, researchers have found that Paris Agreement goals imply major drops in planned and expected capital investment in fossil fuel production, including for oil and gas in the near term.”
Read the report here…