The world's third largest bank by assets, HSBC Holdings plc:
“has warned investors of the growing risk of their fossil fuel assets becoming useless, in a private report seen by Newsweek.
In the report, titled 'Stranded assets: what next?', analysts warn of the growing likelihood that fossil fuel companies may become "economically non-viable," as people move away from carbon energy and fossil fuels are left in the ground....
"The speed of the collapse in energy prices over the past three quarters has taken the fossil fuel industry by surprise, in our view," reads the report. "As rigs are dismantled ... and operating assets quickly become unprofitable, stranding risks have become much more urgent for investors to address, including shorter term investors."
-- From “HSBC Warns Clients of Fossil Fuel Investment Risks,” by Luke Hurst, at this April 21, 2015 Newsweek site:
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The growing publicity and success from the environmental movement’s ability to secure divestment commitments from universities, banks, pension funds, churches, and other wealth funds are starting to be perceived as a threat by the fossil fuel industry....
Oil companies ignore the divestment campaign – and other threats to their business models – at their own peril.
-- From “HSBC Advises Clients Against Fossil Fuel Investment,” by Nick Cunningham, at this April 29, 2015 Time Magazine site:
Yes, Ray, ever since I've been filling my tank up with that new "Solarine", I've gotten so much better mileage! And my windmill runs my air conditioners all day and turns my lights off all night automatically!
ReplyDeleteHow are your delusions doing?