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Beginning Of The End For Fossil Fuels
Views: 465
Oct 01 2015 01:00 PM | eds in Economy & Politics
Fitch Ratings, an international credit agency,
. . . said the dominance of the internal combustion engine,
. . . could come under pressure from a fundamental change in,
. . . consumers and regulators’ attitude,
. . . toward emissions, and fuel efficiency.
VW, sought to defraud regulators, and millions of consumers,
. . . over the level of its diesel car emissions,
. . . could likely signal the demise of the diesel engine.
But it could go further than that:
. . . it could see the rapid demise of the petrol engine too, and
. . . the use of fossil fuels in passenger vehicles altogether.
Overnight, VW, a bastion of the Germany economy, and
. . . lost another 4% of its value, taking its total decline in the past fortnight to
. . . 44%, or more than $A50 billion.
The world’s biggest car-maker is still worth around $A72 billion,
. . . but, it has $200 billion in liabilities,
. . . backed by the value of their vehicles.
Those values are now under question.
The market is telling us a similar story about the coal industry.
. . . . The plunge in the value of the world’s biggest non-government coal miner,
. . . Peabody Coal, is down more than 90% in the past year.
Origin Energy, whose share price has slumped more than 1/2 in less than a year,
. . . announced it would raise $2.5 billion in a heavily discounted share offer (25%),
. . . to shore up its balance sheet.
It said it had to act quickly to ensure debt remained at sustainable levels.
Shell abandoned its search for oil in the Arctic,
. . . because of the “high costs” of the project.
At current prices, trillions of dollars ($30 trillion in fact) of fossil fuel reserves,
. . . will not be economic, and not exploited.
The market has been given the numbers,
. . . it just seems that it is only now that it is paying attention.
10-1-20215 Source: Beginning of the end for Fossil Fuels
. . . said the dominance of the internal combustion engine,
. . . could come under pressure from a fundamental change in,
. . . consumers and regulators’ attitude,
. . . toward emissions, and fuel efficiency.
VW, sought to defraud regulators, and millions of consumers,
. . . over the level of its diesel car emissions,
. . . could likely signal the demise of the diesel engine.
But it could go further than that:
. . . it could see the rapid demise of the petrol engine too, and
. . . the use of fossil fuels in passenger vehicles altogether.
Overnight, VW, a bastion of the Germany economy, and
. . . lost another 4% of its value, taking its total decline in the past fortnight to
. . . 44%, or more than $A50 billion.
The world’s biggest car-maker is still worth around $A72 billion,
. . . but, it has $200 billion in liabilities,
. . . backed by the value of their vehicles.
Those values are now under question.
The market is telling us a similar story about the coal industry.
. . . . The plunge in the value of the world’s biggest non-government coal miner,
. . . Peabody Coal, is down more than 90% in the past year.
Origin Energy, whose share price has slumped more than 1/2 in less than a year,
. . . announced it would raise $2.5 billion in a heavily discounted share offer (25%),
. . . to shore up its balance sheet.
It said it had to act quickly to ensure debt remained at sustainable levels.
Shell abandoned its search for oil in the Arctic,
. . . because of the “high costs” of the project.
At current prices, trillions of dollars ($30 trillion in fact) of fossil fuel reserves,
. . . will not be economic, and not exploited.
The market has been given the numbers,
. . . it just seems that it is only now that it is paying attention.
10-1-20215 Source: Beginning of the end for Fossil Fuels
