Its been clear for more than a decade that in order to stay below 2 degrees C, many assets on fossil fuel companies’ balance sheets must remain stranded, at huge costs to them and ultimately their shareholders–though they’ll reap those benefits too.
Now the UN Climate Chief agrees:
“If the 2C target is rigorously applied, then up to 80% of declared reserves owned by the world’s largest listed coal, oil and gas companies and their investors would be subject to impairment as these assets become stranded,” wrote the group in their report Unburnable Carbon.”
