US-China Climate Deal May Cause $3.9 Trillion Revenue Loss To Oil And Coal cleantechnica/2014/12/01/us-china-climate-deal-may-cause-3-9-trillion-revenue-loss-oil-coal/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+IM-cleantechnica+%28CleanTechnica%29 ”I had mentioned this before it came. The Naira is devalued now resultant of the fall in Oil price. This is just the beginning, unfortunately Nigeria and African not yet prepared to the realities afoot. I warned against the Nsukka Coal Power plant. Renewable Energies are the trend to help address CLIMATIC threat” EngrCELE Citigroup says the impact of the China-US climate deal signed earlier this month could total $US3.9 trillion ($A4.5 trillion) – that’s the loss in revenue for Big Oil and Big Coal over the next 15 years from the joint undertaking on greenhouse gas emissions by the world’s two biggest economies. The statements are included in it Climate Policy and Energy Outlook Developments published this week.The analysis is important because it shows that it is not just left wingers, greenies and environmental NGOs that are thinking along these lines, and questioning the future of the fossil fuel industry. This issue is very much alive in mainstream financial markets, and as these analyses seep through to those who control the capital flows that govern international market, then the impact will be dramatic. Citi’s global commodities team say the most tangible impact of the US-China climate deal will be a $US1.3 trillion revenue hit for Big Oil between now and 2030, and a $US1.6 trillion hit against Big Coal. But the impact could be greater if the world moves towards an agreement in Paris next year that sets it on a path to limit average global warming to 2C. Citi says that that scenario is based on the “new policies” scenario which would allow for 3.6°C warming. The US-China deal indicates the world is moving beyond that. And, Citi notes that even modest changes to climate policy could mean large impacts on thermal coal.
Posted on: Tue, 02 Dec 2014 15:41:39 +0000
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