Shell is asking investors to bet against the world taking action on climate change or in renewables displacing fossil fuels, says influential economist Nick Stern.
Speaking at a Guardian debate on divestment last night, Lord Stern said Shell and other hydrocarbon companies were getting it wrong on the potential of renewables technology and that people will insist on policies to hold global warming to 2C of global warming.
“They do not believe the world will be wise enough to follow policies that can hold the world to 2C and are asking us to bet against the world … telling us that we won’t do what we’ve set out to do and that it is a safe bet to bet that we won’t.
“We have to try to show them that they are wrong and that we can get the world’s people to insist that we must follow those policies. We must try to build pressure to try to make that 2C assumption correct and the forecast of the energy companies wrong.”
Source: The Guardian