Fossil Fuels will Become Stranded Assets

Saturday, February 15, 2014 (Listed under Environment)

STORY UPDATE: On Tuesday, April 8, 2014, Suzanne Goldenberg (@suzyji) of The Guardian US, reported that managers of Harvard University's $33 billion endowment adopt UN-backed responsible investment rules: http://tinyurl.com/qc3dqhr

Financial hedge fund manager, Jeremy Grantham, who oversees a $117 billion Boston-based portfolio, warns clients that the risks of investing in fossil fuels are mounting. In his February, 2014 client newsletter, Grantham makes the case that the carbon-intensive technologies currently used to exploit tar sands and frack natural gas trapped deep below earth's surface will become “stranded assets” when solar and wind power deployment take the inevitable lead in our nation's energy mix.

And increasingly, energy economists believe that this transition will occur sooner than expected. Stanford University lecturer and author, Tony Seba, predicts that by 2030, solar will make the fossil fuel industry “more or less redundant” as it continues to decentralize the energy market and deliver savings to customers.

 



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