Friday, April 19, 2013

Oil industry gambling $6 Trillion, including your pension, that nothing will be done for #climate

Bill McKibben and Jeremy Leggett | Environment | guardian.co.uk: "Six trillion dollars is what oil, gas, and coal companies will invest over the next ten years on turning fossil fuel deposits into reserves, assuming last year’s level of investment stays the same. Reserves are by definition bodies of oil, gas or coal that can be drilled or mined economically. Regulators allow companies, currently, to book them as assets, and on the assumption that they are at zero risk of being stranded - left below ground, "value"unrealized - over the full life of their exploitation. Yet a report published today shows they are at very real risk of being stranded, and in large quantity. "

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