Taken to task: How to deal with worries about stranded assets

Print section Print Rubric:  Oil companies need to heed investors’ concerns Print Headline:  Taken to task Print Fly Title:  Investors UK Only Article:  standard article Issue:  Breaking the habit Fly Title:  Taken to task Main image:  20161126_SRP036_0.jpg IN SEPTEMBER 2015, at a candlelit dinner at Lloyd’s of London, Mark Carney, the governor of the Bank of England, addressed the insurance industry on climate change. He gave warning in advance that there would be no jokes. Then he dropped a bombshell on the oil industry. His message was twofold. First, if the world seriously intended to limit global warming to 2ºC, most of the coal, oil and gas reserves in the ground would be left “stranded”, or unrecoverable. Such “transition risk” could jeopardise financial stability, he argued. Second, a task force would be set up to prompt companies to disclose how they ...

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