Coronavirus crisis could cause $25tn fossil fuel industry collapse – County Sustainability Group

The report says the world is “witnessing the decline and fall of the fossil fuel system” owing to the quicker-than-expected growth of clean energy alternatives coupled with the collapse in demand for fossil fuels amid the pandemic.

“The bizarre thing is that the fossil fuel incumbents have been so resistant to the idea of change for so long, and put out so much bogus PR, that they risk falling victim to their own rhetoric,” he said.

“There is far more risk inherent in the fossil fuel system than is conventionally priced into financial markets. Investors need to increase discount rates, reduce expected prices, curtail terminal values and account for the clean-up costs.”

CSG Coronavirus crisis could cause $25tn fossil fuel industry collapse – County Sustainability Group