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A record loss of Arctic sea ice and faster-than-expected melting of Greenland’s ice cap made worldwide headlines in 2012. (JONATHAN HAYWARD/THE CANADIAN PRESS)
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How much are carbon reserves worth if they can’t be used?
Next year could see markets start to wake up to a proper carbon bubble: the inflated value of hydrocarbon-heavy corporates.
Fossil fuel companies may already have found more coal, oil and gas than can safely be burnt without prompting damaging climate shocks. A 2011 report by Carbon Tracker, an environmental think-tank, found 745 giga-tonnes of carbon embedded in the proved reserves of the world’s biggest listed coal and petroleum companies.
