Fossil fuel companies are set to face “terminal decline” because of falling demand and higher investment risks caused by competition from clean technologies and tougher government climate and energy security targets, according to climate finance analysts.
The value of oil, gas and coal reserves is set to sink by almost two thirds, which will send shock waves through the global economy, with impacts on companies financial markets and fossil fuel exporters, says the Carbon Tracker Initiative, a not-for-profit financial think tank “that seeks to promote a climate-secure global energy market by aligning capital markets with climate reality”.
