Coronavirus crisis could cause $25tn fossil fuel industry collapse
by Jillian Ambrose Energy correspondent from Environment | The Guardian on (#549G4)
Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study shows
The coronavirus outbreak could trigger a $25tn (20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world's most polluting companies.
A study has found that the value of the world's fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the Covid-19 crisis has hastened the peak for oil, gas and coal demand.
Continue reading...