Unburnable: Risky Fossil Fuel Investments & Climate Crisis
Two new reports say climate change could cause the next financial crisis. From London, Bob Ward, LSE lead author of "Unburnable: Carbon 2013: Wasted capital and stranded assets." From Australia's Climate Institute, John Connor on coal's risky future. Plus Nancy LaPlaca: why does sunny Arizona burn so much coal? Radio Ecoshock 130515 1 hour.
Could climate change bring us the next financial crisis? Yes indeed, say two new reports. We'll go London to get the low-down on the new report from the Grantham Institute of the London School of Economics. Find out why big institutions like Citi Group, HSBC, the World Bank and the IMF agree: fossil fuel companies have developed a huge bubble based on carbon reserves they can never burn.
Pay attention. Your pension funds and banks are heavily invested in the next financial crash. Everybody is.
From the Canadian Tar Sands to Australian coal pits, energy companies are loading up with yesterday's fuel - until the climate crunch, which is already arriving. John Connor of the Climate Institute says the coal industry is ripe for financial implosion.
I'll wrap up with a quick answer to another bothersome question: why is the super sunshine state of Arizona still burning so much coal? With Nancy LaPlaca.
Remember the few people who tried to warn the world about the mortgage bubble. This is that show for you.
Read more on Alex' blog here.
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