Sunday, 22 January 2012

Banks over exposed to the carbon bubble?

Citywire again;

"Up to 80% of the assets held by energy companies could turn out to be useless, knock-down sub-prime junk.
Here’s why:
If we are to keep global warming below 2°C – a goal reaffirmed by politicians at December's Durban climate meeting – then between 2000 and 2050 we can get away with emitting 886 gigatons of carbon dioxide (GtCO2) between us. Now, we’ve used a lot since 2000, leaving a ‘Carbon Budget’ of 565 GtCO2 for the remaining years to 2050. But the world’s biggest oil and gas companies have fossil fuel reserves representing potential emissions of 745 GtCO2. "

Now I have always maintained that greenwash bullshit spouted by goverments in the climate change debate (what fecking debate its all one sided) is solely to allow them to tax us and allow energy firms to take the piss in new and more amazing ways.
I'm all for saving my money but not to give it away to govts or energy firms.
Cunts the lot of them and if the piss takers go to the wall then tough! Maybe they can take a couple of banks with them!

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