The collapse in global oil prices is good for the climate, and clean energy. Big Oil has put Arctic drilling on hold because it no longer makes economic sense. That will allow extend the world’s carbon budget, and result in capital flowing to renewables.
Global banking giant calls for greater EU climate policy ambition, says energy goals are ‘a negative’ for Europe’s renewables industry.
A new report from Oxford University and commissioned by HSBC warns Australian coal investments could be stranded by changing coal use in China.
HSBC says $1 trillion a year out to 2020 is needed to set the world on the path to decarbonise the global economy, and replace fossil-fueled networks with low carbon and renewable networks. But where will this money come from?
The IEA last year said if the world wanted to meet climate targets, it would have to leave two thirds of its fossil fuels in the ground. So what does unburnable carbon mean for oil and gas giants? HSBC crunches the numbers and says up to 60 per cent of the value of fossil fuel companies could be at risk.