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By Kieran Cooke for Climate News Network
This week, BP, one of the so-called super oil majors, said it was writing down or reducing the value of its assets by between US$13 billion (£10.35 billion) and US$17.5 billion (£14 billion). BP’s shares fell by 5.4 percent after the news was announced, making it one of the biggest fallers on the FTSE 100 share index.
For several years climate scientists and others have been saying that fossil fuels must be left untapped in order to tackle the dangers posed by climate change: such resources, described as “stranded assets”, should not be included in the fossil fuel companies’ balance sheets.
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