The elephant in the atmosphere In September 2013 a group of institutional investors with $3 trillion of assets under management asked the 45 biggest quoted oil firms how climate change might affect their business and, in particular, whether any of their oil reserves might become “stranded assets”—unusable if laws to curb emissions of carbon dioxide became really tight. Exxon Mobil and Shell are the most recent to get back with their assessment of the risk: zero. “We do not believe that any of our proven reserves will become ‘stranded’,” says Shell. In many areas of commerce, investors and managers are trying to harness the power of markets for environmental purposes. In oil and gas—the business which causes by far the most carbon emissions—investors and managers seem set on a collision course.
Posted on: Mon, 21 Jul 2014 10:20:21 +0000
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