Writedown

Is the sun setting on the fossil fuels industry? BP will write down between $13 billion and $17.5 billion in the next quarter. The reason, says BP, is that the pandemic has weakened long-term demand for energy and will speed the transition to renewables. BP also revised assumptions about the 2030 carbon emissions price from $40 to $100 per ton. Could this be a first sign of fossil fuel stranded assets? Scientists estimate that a third of oil reserves, half of gas reserves and more than 80% of coal reserves must remain unburned to meet the Paris Climate Agreement.

— Wayne Visser

From Purpose Inspired: Reflections on Conscious Living, Volume 3. Buy on Lulu ↗