Forbes – Mike Scott

Fossil fuel companies have already seen their future markets come under attack from the success of renewable energy and electric vehicle technologies. Now they face another type of threat – the remorseless logic of international climate goals.

Energy groups risk wasting $1.6 trillion of investment by assuming that current emissions-cutting policies will not be tightened up in the light of the latest science and international climate change goals, according to the think tank Carbon Tracker.

In a new report, Mind the gap: the $1.6 trillion energy transition risk, it warns that there is “a yawning gap” between the Paris Agreement, which pledges to keep climate change well below 2°C above pre-industrial times and aims for 1.5°C, and government policies, which are consistent with 2.7°C of warming.