Due to Clean Tech, Climate Policies, and Covid-19 Pandemic
In a new analysis that bolsters climate activists’ arguments for transforming the global energy system, the London-based financial think tank Carbon Tracker warned Thursday that declining demand and rising investment risk due to cheaper renewable technologies, aggressive government policies, and the coronavirus pandemic could cause a $25 trillion collapse in future fossil fuel profits.
The report, Decline and Fall: The Size & Vulnerability of the Fossil Fuel System, says that the ongoing Covid-19 crisis is accelerating the “terminal decline” the fossil fuel industry was already facing because of competition with renewable energy and climate policies.
— source commondreams.org | Jun 04, 2020