LONDON: The novel coronavirus disease (COVID-19) outbreak and lockdown crisis might lead to USD 25 trillion (£20tn) collapse in the fossil fuel industry with the acceleration of a terminal decline for the world’s most polluting companies, foreign media reported.
COVID crisis prompted people to stay indoors, thus the demands for fossils fuels such as petrol, diesel, etc have come down.
The value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, according to financial thinktank Carbon Tracker.
The collapse of the fossil fuel industry will lead to a threat to global financial stability as it reduces the market value of fossil fuel companies.
Pak Army and Gilgit-Baltistan government request federal government to provide 100pc local wheat
More than $20bn in market value has been wiped off Adani’s corporate empire, says Financial Times
Fund asked government to increase sales tax on POL products to 18 percent instead of 1-2 percent.
Air chief’s visit underscores importance of technological collaboration in strengthening national defence capabilities
Under Article 154 of the Constitution, it is mandatory to hold a CCI meeting every 90 days, says Sindh CM
Chairing meeting on Thursday, CM directs construction of 5,000 new classrooms under PSRP Programme
