Companies & Finance

Half a trillion dollars in gas capex must go – report

The Carbon Tracker Initiative says hundreds of billions of dollars’ worth of gas assets are at risk of being stranded if the world is to meet its 2C climate goal The Carbon Tracker Initiative says hundreds of billions of dollars’ worth of gas assets are at risk of being stranded if the world is to meet its 2C climate goal.
By Annemarie Botzki 26 November 2015 0 18459
Many fossil fuel projects may be cancelled if the world is to keep within its 2C warming limit. (SXC)

Nearly half a trillion dollars’ worth of gas projects will be surplus to requirements if the global temperature rise is to be limited to 2C above pre-industrial levels, a new report by a London-based thinktank has found.

The study, released on Wednesday by the Carbon Tracker Initiative, highlights the risk of fossil fuel assets becoming stranded, largely thanks to their carbon output.

The report found that around 41% of capex planned for new gas projects – a figure that amounts to $459 billion – and 25%...