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According to a new report published in the journal Nature Climate Change, a sharp reduction in demand for fossil fuels could cost the global economy up to $4 trillion
by 2035.
Falling demand for fossil fuels could cost the global economy $4 trillion by 2035
The report shows that a shift to more energy-efficient behaviors and the increasing adoption of low-carbon technologies could lead to a recession worse
than the 2008 financial crisis.
Researchers say falling demand for fuels such as oil and coal contradicts investment by new fossil fuel companies, which could create difficulties
.
They calculated that the lifespan of shale oil projects invested in fossil fuels is two years, and the lifespan of large pipelines and coal mines is more than
50 years.
When these assets reach the median value of their operating life, the market may no longer need them
.
The report suggests that this is likely to happen
regardless of whether new climate policies are adopted as a result of a "sustained technological trajectory".
Economic losses will widen
if ambitious new climate policies are adopted, or if low-cost producers maintain their production levels despite falling demand, the report said.
Net importers such as China and the European Union are likely to continue to do relatively well, the report's authors added, but warned that major economies that rely heavily on fossil fuel production and exports will be significantly affected, with Canada, Russia and the United States particularly affected
.
，
According to a new report published in the journal Nature Climate Change, a sharp reduction in demand for fossil fuels could cost the global economy up to $4 trillion
by 2035.
Falling demand for fossil fuels could cost the global economy $4 trillion by 2035
Falling demand for fossil fuels could cost the global economy $4 trillion by 2035The report shows that a shift to more energy-efficient behaviors and the increasing adoption of low-carbon technologies could lead to a recession worse
than the 2008 financial crisis.
Researchers say falling demand for fuels such as oil and coal contradicts investment by new fossil fuel companies, which could create difficulties
.
They calculated that the lifespan of shale oil projects invested in fossil fuels is two years, and the lifespan of large pipelines and coal mines is more than
50 years.
When these assets reach the median value of their operating life, the market may no longer need them
.
The report suggests that this is likely to happen
regardless of whether new climate policies are adopted as a result of a "sustained technological trajectory".
Economic losses will widen
if ambitious new climate policies are adopted, or if low-cost producers maintain their production levels despite falling demand, the report said.
Net importers such as China and the European Union are likely to continue to do relatively well, the report's authors added, but warned that major economies that rely heavily on fossil fuel production and exports will be significantly affected, with Canada, Russia and the United States particularly affected
.
，
