From: Renew Economy
By
Giles
Parkinson
on 30 September 2015
Well,
we can’t say we weren’t warned. Panic selling swept major global
stock-markets on Tuesday in what could be a foretaste of things to
come, as investors suddenly woke up to the fact that the game has
changed. Fossil fuels and their associated investments are in
decline, and the world is heading rapidly towards new and cleaner
technologies.
A
bunch of big stories this week highlight what is going on: VW,
Shell, Glencore, BHP, Origin Energy and AGL. All linked by a common
thread – their exposure to fossil fuels. It prompted a warning on
the financial risks of climate change by Mark Carney, the governor of
the Bank of England.
The biggest news, of course, was VW. As we reported on Monday, the VW cheating scandal, where it sought to defraud regulators and millions of consumers on a massive scale over the level of its diesel car emissions, could likely signal the demise of the diesel engine. But it could go further than that: it could see the rapid demise of the petrol engine too, and the use of fossil fuels in passenger vehicles altogether. MORE
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