Coronavirus crisis could cause $25tn fossil fuel industry collapse

Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study shows

The coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting companies.

A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the Covid-19 crisis has hastened the peak for oil, gas and coal demand.

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Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study showsCoronavirus – latest updatesSee all our coronavirus coverageThe coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting companies.A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the Covid-19 crisis has hastened the peak for oil, gas and coal demand. Continue reading…

Economics, Fossil fuels, Oil, Energy, Business, Environment, Commodities, Gas, Coal, Mining, Renewable energy

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