Coronavirus could cause £25 Trillion fossil fuel industry to collapse

That eye raising headline from The Guardian was based on reports that the value of fossil fuel reserves might fall by as much as two-thirds as the covid crisis has hastened the peak for oil, coal, and gas demand.

 

The Guardian wrote:

 

Kingsmill Bond, the author of the report, said: “Now is the time to plan an orderly wind-down of fossil fuel assets and manage the impact on the global economy rather than try to sustain the unsustainable.”

 

The report says the world is “witnessing the decline and fall of the fossil fuel system” owing to the quicker-than-expected growth of clean energy alternatives coupled with the collapse in demand for fossil fuels amid the pandemic.

 

Read the full story on the Guardian website.


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