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Fossil fuels face $30 trillion losses from climate, renewables

The global fossil fuel industry faces a loss of $US28 trillion ($A30.2 trillion) in revenues over the next two decades, if the world takes action to address climate change, cleans up pollution and moves to decarbonise the global energy system.

The assessment, made by leading European broking house Kepler Chevreux, underlines what’s at stake for the fossil fuel industry from a push to cleaner fuels and concerted efforts to reduce emissions, and helps explain the enormous push back from the oil and coal industries in particular against such policies.
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