Wednesday 15 October 2014

Mark Carney reckons most fossil fuels “un-burnable”

Governor of the Bank of England Mark Carney appears to agree most fossil fuels can’t be used if the world is to avoid climate change.

At a World Bank event on Friday, he is quoted as saying: “The vast majority of reserves are unburnable.”

This is a reference to the idea of a so-called carbon bubble – when investors in oil, gas or coal suppliers lose out on money because the reserves can’t be used.

The comment will please environmental groups hoping the idea gains traction among investment circles.

Organisations as diverse as the World Council of Churches and the Swedish city of Orebro are said to be pulling out funding from fossil fuel companies, while students have urged British universities to follow suit.