Firms ‘Own Unburnable Fossil Fuels’
Some 60% to 80% of fossil fuel reserves owned by listed firms could be classed as unburnable if politicians stick to CO2 emission limits, a report warns.
The research by the London School of Economics and NGO Carbon Tracker says firms spend billions of pounds of shareholders’ money on exploration.
It says 200 listed firms spent £440bn in 2012 chasing more coal, oil and gas.
It says if this continues for a decade - and if CO2 limits are achieved - they would waste over £4tn.