Declining demand and rising investment risk due to cheaper renewable technologies, aggressive government policies, and COVID-19 could cause a $25 trillion collapse in future fossil fuel profits. Back in 2018 a World Bank estimate put future coal, gas, and oil profits at $39 trillion. It indicated that if fossil fuel demand dropped 2% annually in line with the 2015 Paris agreement, that figure could fall to $14 trillion, shocking the global economy which will be tough on everyone. We need to plan an orderly wind-down of fossil fuel assets and manage the impact on the global economy rather than try to sustain the unsustainable.
Climate Crisis Blog
