Unburnable Carbon 2013: Wasted capital and stranded assets
Unburnable Carbon 2013: Wasted capital and stranded assets / James Leaton, Nicola Ranger, Bob Ward, Luke Sussams, and Meg Brown. Carbon Tracker Initiative and the London School of Economics, April 2013, 40 p.
This new research 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 $674 billion last year to find and develop new potentially stranded assets.
Executive summary :
Using all fossil fuels will breach the global carbon dioxide budget In 2010, governments confirmed in the Cancun Agreement that emissions should be reduced to avoid a rise in global average temperature of more than 2°C above pre-industrial levels, with the possibility of revising this down to 1.5°C. The modelling used in previous analyses by Carbon Tracker and the IEA showed that the carbon budget for a 2°C scenario would be around 565 – 886 billion tonnes (Gt) of carbon dioxide (CO2) to 2050. This outcome assumes that non-CO2 greenhouse gas emissions (e.g. methane and nitrous oxide) remain high…
–> About the report :
Is There a ‘Carbon Bubble’?, International Herald Tribune, 22/04/2013 http://rendezvous.blogs.nytimes.com/2013/04/22/an-earth-day-debate-is-there-a-carbon-bubble/
(…) A report released by the Carbon Tracker Initiative and the London School of Economics on Friday shows that 60 to 80 percent of coal, oil and gas reserves held by the top 200 oil, gas and mining companies listed on the world’s stock exchanges could be considered unburnable and therefore far less valuable than thought…