Investors question forecasts from ExxonMobil and other oil companies
www.thegaurdian.com | Published Friday 12 December
By Andrew Logan
A powerful storm of market forces is rippling across the fossil fuel industry: plummeting oil prices, weakening global oil demand, growing momentum for carbon-reducing regulations, and the rapid growth of renewable energy. In just the past few days, oil prices hit a five-year low of $61 a barrel and the Bank of England launched a review of the industry’s stability, including the potential harmful impacts of stranded fossil fuel assets on the economy.
And all this is happening against the backdrop of international climate negotiations. As country representatives gather in Lima to build momentum towards an international climate deal next year in Paris, investors around the world are stepping up scrutiny of the fossil fuel industry… read more>