The lead article in the Guardian today cites a report published today that says that carbon fuel reserves are overvalued.
The reason is that if environmental policies to reduce carbon emissions are implemented, most fossil fuel will be unable to meet the standards and will be 'unburnable'.
The report says that most industries are banking on the environmental policies not being implemented and are spending 1% of global GDP chasing more fossil fuels.
The good news is that according to the report commissioned by the then Chancellor Gordon Brown in 2006, the cost if transitioning to clean fuel is also 1%.
So if political leaders had the will, now is the cost effective time to transition.
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