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New production riskier as peak demand approaches
Private equity firms invested in the North Sea could see cash flow from oil and gas fall by more than 60% below expectations if global warming is held to 1.7°C, finds a report from the financial think tank Carbon Tracker published today.
It says many oil and gas companies are only taking into account existing climate pledges in their investments, assuming a slow energy transition consistent with a 2.4°C pathway. However, clean technologies, supported by government climate policies, are eroding global demand for oil and gas and the International Energy Agency expects it to peak by end of decade. The report warns that the energy transition is irreversible and accelerating falling demand will...
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