It has been a decade since the think tank report Carbon Bubble was published - one of the most influential arguments against burning fossil fuels
It has been a decade since the think-tank report Carbon Bubble was published - one of the most influential arguments against burning fossil fuelsA quiet celebration took place in London last month. It marked the 10th anniversary of the “Carbon Bubble” report, published by the think-tank Carbon Tracker Initiative, that’s become one of the most influential arguments against burning fossil fuels.
“Investors are thus left exposed to the risk of unburnable carbon,” the report said. They would be “stranded assets” - the theory that inspired the title of this newsletter. Unlike other industries that were ultimately doomed, some real numbers can be put around the fossil fuel sector’s prospects. It’s possible to figure out which carbon reserves might be most or least “burnable” in the scarce remaining carbon budget. Subsequent work broke down those total reserves by metrics such as geography and cost of production.
A study by the International Institute for Environment and Development last year found that of 257 foreign-owned coal power plants worldwide, at least three-quarters enjoy some kind of “investor-state dispute settlement” protection, which allows owners to sue governments that might try to close them early. Then there are the national and state rules around licensing and royalties for extractive industries, which often require leaseholders to keep producing.
“If you go first and give up your production rights, bad actors will step in and take over your market share,” he said. “So you need everyone to jump together and cancel licenses and production rights.”
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