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The elephant in the atmosphere

Screen Shot 2014-03-10 at 23.56.16Extract from an article published by economist.com on 19 July 2014: “Shell, Exxon and carbon: The elephant in the atmosphere”

IN SEPTEMBER 2013 a group of institutional investors with $3 trillion of assets under management asked the 45 biggest quoted oil firms how climate change might affect their business and, in particular, whether any of their oil reserves might become “stranded assets”—unusable if laws to curb emissions of carbon dioxide became really tight. Exxon Mobil and Shell are the most recent to get back with their assessment of the risk: zero. “We do not believe that any of our proven reserves will become ‘stranded’,” says Shell.

FULL ARTICLE

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