Discover and read the best of Twitter Threads about #strandedassets

Most recents (4)

In the midst of a busy news cycle, this development might get lost. But it could be a big deal for our no fossil fuels future: In Canada, Warren Buffett's Berkshire Hathaway just decided against investing $3bn in a $6.7bn liquified natural gas export terminal near Quebec

THREAD
Why did Buffett say no?

"projects like this faced intense backlash from citizens and politicians" and "few North American LNG projects expected to proceed to financing amid [..] pullback from equity investors"

Translation: Investors get #strandedasset risk of natural gas

2/
Note that this comes 4 months after the European Investment Bank, largest multi-lateral bank globally, announced it will stop lending for ALL fossil fuels, including natural gas

3/
Read 6 tweets
On Thursday, the @EIB board (Member States, @EU_Commission) decides whether funding #gas infrastructure is still in the public interest.

I shuffled through the extraordinary amount of voices saying "no, we've got better things to fund" and put them in this THREAD.

@AMcDowell
30 businesses, investment groups and scientific institutions including @WMBtweets @cisl_cambridge @PIK_Klima @ClubOfRome @climatebonds
clubofrome.org/2019/10/07/sup…
Economist Prof. @CKemfert clearly tells us that we're setting us up for another badly managed transition with #strandedassets if we use public funding for #fossilfuels as renewables and efficiency will undercut the market for gas. euractiv.de/section/energi… @OlafScholz
Read 16 tweets

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