Climate Change: disinvestment news on fossil fuels
US climate change envoy acknowledges stranded assets Todd Stern said on Monday that the world’s fossil fuels will "obviously" have to stay in the ground in order to solve global warming. This is the clearest sign that the administration sees no long-range future for fossil fuel. This means that governments including the US will have to pass legislation to forgo developing reserves of oil, coal and gas. This will impact on certain southern and mid-western states considerably. He said: "It is going to have to be a solution that leaves a lot of fossil fuel assets in the ground,…..We are not going to get rid of fossil fuel overnight but we are not going to solve climate change on the basis of all the fossil fuels that are in the ground are going to have to come out. That’s pretty obvious." He went on to say: "Companies and investors all over are going to be starting at some point to be factoring in what the future is longer range for fossil f...