Fossil Fuel Industry Risks Losing $33 Trillion to Climate Change
- Companies may be forced to leave gas, oil and coal in ground
- Task force drafting guidelines for companies to dislose risk
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The fossil fuel industry risks losing $33 trillion in revenue over the next 25 years as global warming may drive companies to leave oil, natural gas and coal in the ground, according to a Barclays Plc energy analyst.
Government regulations and other efforts to cut carbon emissions will inevitably slash demand for fossil fuels, jeopardizing traditional energy producers, Mark Lewis, Barclays’s head of European utilities equity research, said Monday during a panel discussion in New York on financial risks from climate change.