The writing on the wall

The Norwegian Sovereign Fund which comprises 1% of global investment capital is divesting from pure oil and gas companies. Jeremy Leggett sets out in this blog the importance of this decision as an indicator of how investors everywhere will now start to doubt the wisdom of investing in ‘unburnable carbon’ and ‘stranded assets’. The reason for leaving these energy sources underground is that climate heating may indeed lead to oil and gas, not to mention coal, being eliminated as energy sources in order to keep the earth’s atmosphere within a temperature range that will sustain civilised life. The desire to keep the temperature of the life support systems (air, land and sea) of Spaceship Earth within a liveable range may well radically determine future business investment. For 10000 years during the Holocene geological period the planet maintained a very stable global average temperature that allowed human cicilisations to flourish. Now global heating that is now rising in a dangerous way, faster than ever before – hence we live in a new geological epoch now called the Anthropocene. In this human-made geological age, temperature rise is being accelerated by human activity primarily by burning vast amounts of fossil fuels.

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