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Jun 23 13 tweets 16 min read
Our new report: 'Unburnable #Carbon - 10 Years On' finds global stock markets 🏦 are financing energy companies which are sitting on 3x more #coal, #oil & #gas reserves than can be burned without breaking the 1.5°C Paris climate target… #CarbonBubble
🧵Despite growing urgency to tackle #ClimateChange, 'Unburnable #Carbon' reveals “embedded #emissions” in the #FossilFuel🛢️reserves of companies listed on stock exchanges – the CO2 released if they’re extracted & burned – has grown by nearly 40% since 2012…
@CarolineLucas @EdwardJDavey @Ed_Miliband @MichaelEMann @CFigueres @AnnPettifor @billmckibben @martinwolf_ @AlokSharma_RDG The report warns that 90% of all known #FossilFuel🛢️reserves & resources held by companies must stay in the ground as 'unburnable #carbon' to limit global warming to 1.5°C🌡️🛑… #KeepItInTheGround
If energy companies are allowed to extract & burn🔥 more than 40% of known #FossilFuel🛢reserves, the world will over-shoot 2°C🌡️warming, with devastating consequences for life on earth 🌍… #ParisAgreement #ClimateCrisis🚨
'Unburnable #Carbon' find that New York 🇺🇸 is the financial centre with the greatest embedded #emissions from freely tradable shares, with 160 GtCO2 listed between the New York Stock Exchange & the NASDAQ…
After NYC, Sydney 🇦🇺 is the financial sector least aligned with Paris. If #oil & #gas co's pursue ‘biz as usual’ they'd spend $50bn to 2030, but just 30% is compatible with 1.5°C & a large % of potential future spend is incompatible w even a 2.7°C scenario…
Toronto 🇨🇦 has the 4th-largest embedded #emissions from companies whose shares trade feely (behind NYC, Moscow & Shanghai). If #oil & #gas🛢️co's pursue ‘business as usual’ they'd spend $140bn in the decade to 2030, but only 40% is compatible with 1.5°C…
Behind New York 🇺🇸, Moscow's 🇷🇺 financial markets have the 2nd largest potential #oil & #gas🛢️capex from 2021 to 2030, closely followed by London 🇬🇧, Toronto 🇨🇦 & Paris 🇫🇷… #CarbonBubble #ClimateCrisis
"If 🌍 governments are serious about #ClimateChange, they must walk the talk by ensuring the activities of domestic stock exchanges & the financial centres around them are consistent with national climate goals & #NetZero commitments… "… #COP27
“... or we will lose any chance of meeting the Paris target. This is especially important now as #FossilFuel prices & related company stocks soar” 📈 said report co-author Thom Allen. (2/2)… #CarbonBubble
Author @MikeCoffin: “#FossilFuel🛢️companies are reliant on equity & debt markets for the financing of capital-intensive projects, both to raise capital to finance new investments but also to maintain existing production facilities & drill new wells" (1/2)…
“... as such, financial institutions that continue to enable such [#FossilFuel🛢️] activities beyond climate limits, cannot themselves be viewed as Paris-aligned, & are also themselves increasingly exposed to transition risk”… (2/2) #ClimateRisk
'#UnburnableCarbon' shows that over $1 trillion of #oil & #gas🛢️assets risk becoming #StrandedAssets if #FossilFuel companies pursue business as usual – including $600bn held by publicly listed companies!… #CarbonBubble

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More from @CarbonBubble

Jun 22
🧵In 2011, our 1st report: 'Unburnable Carbon: Are the World’s Financial Markets Carrying a #CarbonBubble?' found ~80% of declared reserves of listed #FossilFuel companies were at risk of stranding, if the world stayed below 2˚C temp rise...… Image
Since 2011, both #emissions & #FossilFuel🛢️reserves with listed ownership have increased 📈, while the world’s climate policy ambition has strengthened post #ParisAgreement to not exceed 1.5˚C temp🌡️rise🛑… #CarbonBubble
Despite the global distribution of #oil, #gas & #coal mining production, financing of #FossilFuel companies is concentrated in a small number of financial centres & stock exchanges in likes of New York, London, Moscow… Image
Read 4 tweets
Jan 12
Between June 2021 & January 2022, the price of “nature based” #offsets — such as those from tree-planting schemes 🌳🌳 — increased more than 3-fold from around $4.65 per tonne of #carbon to around $14.40, according to S&P Global Platts… #CCUS #NetZero
Interest in unregulated #offsets market, has grown with proliferation of #NetZero emission pledges since the #COP26 summit + rising pressure on curbing global warming. Expectations are the voluntary carbon market will grow this yr into a space worth $ Bn's…
Though #oil companies claim to use only “high-quality” #offsets as part of their #NetZero goals, monitoring millions of acres of forest is hugely challenging. Experience of recognised programs like UN’s REDD initiative = mixed at best…
Read 5 tweets
Apr 23, 2021
New report: ‘The Sky’s The Limit’ finds huge falls in the cost of #solar & #wind power have unlocked an energy reserve that can meet world demand 100x over! Most is already economic compared with #FossilFuels…
At current growth rates, #renewables will push #FossilFuels out of the electricity sector by 2035, & 2050 could see a world powered entirely by electricity. Author @KingsmillBond says: “we're entering a new era, comparable to the industrial revolution”…
.@KingsmillBond continued: "Geopolitics will be transformed as nations are freed from expensive imports of #coal, #oil & #gas. Clean #renewables will free the planet from the impact of fossil fuel pollution."…
Read 6 tweets
Sep 18, 2019
Thread: @BillGates claims fossil fuel #divestment has 'zero' climate impact, and #climatechange activists are 'wasting their time' lobbying investors to ditch #fossilfuel stocks…
@BillGates Gates: “#Divestment, to date, probably has reduced about zero tonnes of emissions. It’s not like you’ve capital-starved [the] people making steel and gasoline”…
@BillGates As @350 note: arguments against fossil fuel #divestment miss a larger point. The idea is not to starve companies of capital but to remove their “social licence to operate” & make it easier for Govts to act on climate issues by breaking #fossilfuel companies’ hold on politicians.
Read 8 tweets

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