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Bad assets

In June, BP and Shell announced that they would be writing down up to $39.5bn of their oil and gas assets. Fortune magazine described this as ‘just the tip of the iceberg for fossil fuels’.

A February 2020 analysis by the Financial Times concluded that ‘around $900bn – or one-third of the current value of big oil and gas companies – would evaporate if governments more aggressively attempted to restrict the rise in temperatures to 1.5C above pre-industrial levels for the rest of this century.’

Topics: Climate Change