THE ECONOMIC RISKS OF FOSSIL DEPENDENCY

Capitalism's Greatest Crash Now Likely within a Few Years; Energy industry set to follow in footsteps of financial industry

September 26, 2013 (Routledge, Taylor, and Francis Group)

"There is a risk blindness being run by Big Energy that, unless action is taken, will lead to an inevitable global crash according to [Jeremy Leggett’s The Energy of Nations]…Leggett describes four systemic risks being run by Big Energy…[1] We have way more conventional fossil fuel than we need to wreck the climate. Yet the energy incumbency wants us to pile so-called unconventional deposits…[2] we risk creating a carbon bubble in the capital markets: puffing up assumed value in fossil fuels…Some financial institutions have already begun withdrawing investment in fossil fuels…[3] the so-called ‘shale boom’ in gas and oil production…may prove to be a bubble…[and 4] the incumbency narrative [is] that there will be adequate supplies of affordable oil for decades to come…a minority [doesn’t]…” click here for more

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