Oil and gas company publishes 20 page document telling investors that climate laws will not leave it with ‘stranded assets’
Shell has hit back at claims that its multi-billion dollar investments in tar sands, fracking and other unconventional oil and gas exploration will create a carbon bubble which may backfire catastrophically because of expected global climate change legislation.
Previous research by economists, campaigners, and MPs has suggested that the majority of coal, oil and gas reserves of publicly listed companies, including Shell, are unburnable if the world is to have a chance of not exceeding global warming of 2C, the level governments have agreed to limit rises to. That is leading to a so-called carbon bubble, an overvaluation of oil companies’ financial value, they have said.