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HSBC: BP, Shell, Statoil at risk from ‘unburnable’ reserves

January 31, 2013

HSBC: BP, Shell, Statoil at risk from ‘unburnable’ reserves

Oil and gas majors, including, BP, Shell, and Statoil, could face a loss in market value up to 60 percent should the international community stick to its agreed emission reduction targets, analysts at HSBC warned.

A new report finds that 17 percent of Norwegian company Statoil’s reserves would become ‘unburnable’ in a world where oil and gas falls as countries seek to keep carbon concentrations in the atmosphere to 450 parts per million (ppm), the level the International Energy Agency (IEA) estimates is necessary to deliver a 50 percent chance of limiting long-term temperature rises to 2 degree Celsius.

Governments around the world have repeatedly committed themselves to ensuring average temperatures do not rise above 2 degrees Celsius, the level at which scientists warns atmospheric feedback loops could trigger “dangerous” climate change. While Statoil is the worst affected of the oil majors assembled by HSBC, the bank calculates around 6 percent of BP’s reserves, along with 5 percent of Total’s and 2 percent of Shell’s are at risk.

Read more at GreenBiz.

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