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Bank of England Governor Warns of 'Potentially Huge" Risks From 'Literally Unburnable' Fossil Fuel Assets


#1

Bank of England Governor Warns of 'Potentially Huge" Risks From 'Literally Unburnable' Fossil Fuel Assets

Andrea Germanos, staff writer

In a speech described as "milestone," the governor of the UK's central bank warned Tuesday that investors face "potentially huge" risks from assets that are "literally unburnable" fossil fuels if the world is to keep global warming under the 2 degree Celsius threshold.

Bloomberg describes Bank of England governor Mark Carney as "the most prominent figure yet from the world of finance to set out his concerns on how climate-related issues could destabilise financial markets in the years to come."


#2

Boys you just may not find the destruction of the environment as profitable as usual. A "stranded investment"! Well we can't have that now can we here at the end of the world as we knew it!

I'm sorry but you'll just have to rejoin the human race instead of making obscene profits and help out a bit. I know ...I know! Helping out is just not what we do but hey... if the end of the planet isn't profitable then what is the point? We may not like it but we will just have to help out anyway.

The fact is that you just can't bank on environmental destruction like you used to. We will have to try something else.


#3

But the IMF has already suggested that the closure of tax loopholes and the removal of subsidies for the big oil boys is the best way of decarbonizing civilization. Why they can find profits in other investments such as building new infrastructure, a global smart grid for example. The corporations are so slow to create and so quick to destroy. I'm keeping my pennies in a jar at home.


#4

On the other hand, our ten too big to fail gas/oil firms just might have enough political clout due to their shameless corruption of national politics to demand DANE GELD--Demand to be paid as much each year as they are making net income now from fossil fuel to sell it as mineral rights for it to be kept underground for however long it takes before we really need some greenhouse gas added to the atmosphere to avoid another ice age. Paying Dane geld is a sorry state of affairs--but considering how corrupt our government is, we are stuck with it.


#5

We do need to keep it in the ground--BUT those ten too big to fail gas/oil firms and five or six too big to fail coal firms do HAVE LOTS of political clout. Our national government is so thoroughly corrupt that that the tiny tip of 0.1 of 1% of socioeconomic heap has thoroughly bribed our national government leaders to give them huge advantage ibn their little game of Monopoly that they are so determined to play out to the bitter end.


#6

Funny how these guys are always the last to catch on to the truth that has been staring them in the face for at least 20 years now. Coal industry stocks have already lost 95% of their value in the last 3 years. I'd say that at least some of huge risks have already come and gone.


#7

When sea-level rises just a little bit more perhaps the Bank of England will find its basement full of water as London is flooded.......If I ran the Bank of England I would be more concerned about that prospect than worrying about investors in the hydrocarbons and coal industriess


#8

There are lots of other uses for oil and gas besides being burned to produce energy. Just because it won't be burned doesn't necessarily mean it will stay in the ground.