FINANCIAL markets across the world are waking up to the threat of a new financial bubble, one premised on the possibility that trillions of dollars worth of fossil fuel assets will be lost as the world takes action on climate change.Yet, as other economies prepare to avoid this carbon bubble, SA seems to be digging itself in deeper and deeper.At the UN climate negotiations in Paris last year, the world agreed to keep global warming to well below 2°C above pre-industrial levels.This is great news for averting the worst impacts of climate change, but bad-to-terrible news for the fossil fuel industry as three-quarters of their proven coal, oil and gas reserves have to remain in the ground if we are to adhere to that target.To put a financial number on the amount of reserves that would be unburnable, Kepler Cheuvreux estimates that adhering to the 2°C target would result in $28-trillion in lost revenue in the next two decades, with the oil industry accounting for $19.3-trillion, gas $4-...
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