File: The energy sector is thought to be exposed to between $1,4-trillion in transition risks alone.PARIS - Oil and gas majors are failing to disclose to shareholders the full extent of risks to their business models posed by climate change legislation, experts said on Friday.
The UN's own climate change body says those targets are only realistic with a rapid and drastic reduction of emissions from fossil fuels. Energy companies' ability to generate investment is largely tied to their ability to find new, recoverable oil and gas sources -- a process that requires significant upfront capital.
One recent British survey among fund managers responsible for $10-trillion of assets found that 86% wanted oil firms to commit to the Paris goals, while two-thirds wanted to switch investments to low-carbon alternatives.
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