Unburnable carbon 2013: Wasted capital and stranded assets

[biffvernon]

A fascinating report from LSE Grantham Institute:

This new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls for regulators, governments and investors to re-evaluate energy business models against carbon budgets, to prevent $6trillion carbon bubble in the next decade.
Unburnable carbon 2013: Wasted capital and stranded assets has revealed that fossil fuel reserves already far exceed the carbon budget to avoid global warming of 2°C, but in spite of this, spent $674billion last year to find and develop new potentially stranded assets

http://www.carbontracker.org/wastedcapital#

[PS_RalphW]

Of course the carbon budget will be ignored. The UK has already bottomed out and we are returning to coal, power station shutdowns regardless.

Shale oil and gas is a huge financial bubble - because the stuff in the ground is far less economic that the hype in the media.

Hopefully the global economy will then collapse to the point that most of the remaining coal also stays in the ground.

[mikepepler]

This was covered in 2012 here: http://www.rollingstone.com/politics/ne ... h-20120719

Good to see it in the mainstream news now:
http://www.bbc.co.uk/news/science-environment-22211664

[Tarrel]

Yes, it was mentioned on the Radio 4 news this morning.