Stranded assets a long-term risk for major fossil fuel exporters: Fitch ANI | Updated: Feb 19, 2021 12:15 IST
London [UK], February 19 (ANI): Fossil fuel exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades, Fitch Ratings has said in a new report.
For the most-exposed sovereigns and those that do not adequately prepare for it, climate change stranded-asset risk is likely to lead to rating downgrades as the effects become clearer, closer and more material.
The extent and speed of decline in demand for fossil fuels are uncertain. Excess potential global supply will weigh on prices, potentially compounding the loss from lower volumes, said the report titled Climate Change: Stranded Assets Are a Long-Term Risk for Some Sovereigns.
Advertisement
A recent exploration forum in Brisbane revealed Queensland’s resources industry has grown exponentially over the past decade, and by 77% in the past 3 years.
Queensland Exploration Council (QEC) Chair, Kim Wainwright, said exploration expenditure in Queensland has been robust over most of the past 10 years, apart from a drop in 2015 – 2017, but had been on a steep upwards trajectory since 2018.
“For the past decade, the QEC’s annual Scorecard publication has shown a highly positive explorer sentiment towards resource prospectivity, which is very good news for our industry and a barometer for how well the resources sector is travelling,” she said.Wainwright told a gathering of more than 130 explorers, producers, investors, researchers and regulators that Queensland had enormous resources prospects and a skilled workforce focused on “that next big discovery.”
European wholesale electricity prices for Monday gained in Friday trading as French nuclear availability remained depressed and with German wind power supply due to more than halve from Friday levels.
Today s area-by-area coronavirus figures released for Leicester and Leicestershire leicestermercury.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leicestermercury.co.uk Daily Mail and Mail on Sunday newspapers.
Nationals Senators Push for Australia to Embrace Coal and Nuclear Power
All five Nationals senators are pushing their Coalition colleagues in the Morrison government to invest in nuclear generators, coal-fired power stations, as well as carbon capture and storage.
Led by Senators Bridget McKenzie and Matt Canavan, the Nationals proposed an amendment on Thursday that would allow Australia’s green bank, the Clean Energy Finance Corporation (CEFC), to invest in gas and loss-making energy projects.
If successful, the bill would mark the end of Australia’s ban on nuclear energy generation, which has been maintained for over 22 years.
The ban has made Australia the only G20 country without a nuclear power station, despite being the world’s third-largest uranium producer and owning 33 percent of the world’s uranium deposits.