Coronavirus crisis could cause $25tn fossil fuel industry collapse
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.
China produces the most heat-trapping pollution, followed by the US. But historically, the US has contributed more carbon dioxide to the atmosphere than any other nation. The US also has high emissions per capita, compared to other developed countries. And Americans buy products made in China, therefore supporting China's carbon footprint.
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