GREY:CPYCF - Post by User
Post by
chrisaleon Apr 09, 2013 11:13am
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Post# 21231089
Citibank: Taking Climate seriously would cut Coal
Citibank: Taking Climate seriously would cut Coal https://reneweconomy.com.au/2013/dig-baby-dig-citi-says-coal-investments-at-risk-20942
Australian based analysts at Citigroup says fossil fuel reserves in Australia face significant value destruction in a carbon constrained world, with the value of thermal coal reserves likely to be slashed dramatically if governments get serious about climate action. It says fossil fuel asset owners could be best advised to dig the resource up as quickly as they can.
In a further sign that the idea of carbon budgets is gripping mainstream investment and business discussion, Citi recognises the potential impact of “unburnable carbon” – where decisive climate policies will force the bulk of the world’s fossil fuels to be left in the ground. It says the declining cost of renewables could have the same impact.