Thursday, October 1, 2015

Beginning of the end for fossil fuels? Panic sweeps global markets

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