Renewables such as solar and wind are growing at an exponential rate, writes Tom Steyer, so funding new fossil fuel projects is a risky bet.
Earlier this year, during the warmest February in recorded history, the investment giants JPMorgan Chase, State Street, BlackRock and Pimco walked away from some of their boldest climate pledges. The leaders of these firms, with a combined more than $15 trillion under management, did not deny that climate change exists, that humans are its cause or that its potential consequences are catastrophic.
New technologies such as fracking have expanded the amount of oil than can theoretically be obtained, but at a substantially higher cost than traditional drilling. Even in Texas, where potential drilling sites are ranked on a three-tier scale, companies have no choice but to drill new wells in the less desirable tier two and tier three locations; there’s very little tier one left. Drilling in remote locations, such as the Arctic or far offshore, is more expensive still.
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