Big world economies must rebalance relative price of renewables and fossil fuels

Irish Times | Mar 27, 2020 at 5:14 AM
  • In particular, the development of alternative energy sources to fossil fuels has the potential to impose serious losses on the owners of major coal, oil and gas reserves – both companies and countries.
  • If we are to have a good chance of keeping the rise in temperature to two degrees, then 80 per cent of the world’s current coal reserves, 50 per cent of the world’s gas and a third of the world’s oil will be unused.
  • The objective for countries such as Saudi Arabia and Russia that are heavily dependent on revenue from fossil fuels, much of which will be stranded and devalued by 2050, is to maximise their revenue over the next 30 years.