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<span class="vector-toc-numb">2</span> <span>Value of fossil-fuel reserves</span> </div> </a> <ul id="toc-Value_of_fossil-fuel_reserves-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Prospects_for_orderly_bubble_deflation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Prospects_for_orderly_bubble_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Prospects for orderly bubble deflation</span> </div> </a> <button aria-controls="toc-Prospects_for_orderly_bubble_deflation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Prospects for orderly bubble deflation subsection</span> </button> <ul id="toc-Prospects_for_orderly_bubble_deflation-sublist" class="vector-toc-list"> <li id="toc-Government_action_on_climate_change" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Government_action_on_climate_change"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Government action on climate change</span> </div> </a> <ul id="toc-Government_action_on_climate_change-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Awareness_in_the_financial_industry" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Awareness_in_the_financial_industry"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Awareness in the financial industry</span> </div> </a> <ul id="toc-Awareness_in_the_financial_industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Divestment_campaigning" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Divestment_campaigning"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Divestment campaigning</span> </div> </a> <ul id="toc-Divestment_campaigning-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cheaper_clean_energy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cheaper_clean_energy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Cheaper clean energy</span> </div> </a> <ul id="toc-Cheaper_clean_energy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Real_pollution_control" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Real_pollution_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Real pollution control</span> </div> </a> <ul id="toc-Real_pollution_control-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cancellation_of_government_energy_subsidies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cancellation_of_government_energy_subsidies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Cancellation of government energy subsidies</span> </div> </a> <ul id="toc-Cancellation_of_government_energy_subsidies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Renewable_corporations_lobbying" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Renewable_corporations_lobbying"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.7</span> <span>Renewable corporations lobbying</span> </div> </a> <ul id="toc-Renewable_corporations_lobbying-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Urbanization_and_Electric_transportation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Urbanization_and_Electric_transportation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.8</span> <span>Urbanization and Electric transportation</span> </div> </a> <ul id="toc-Urbanization_and_Electric_transportation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Innovation_and_Efficiency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Innovation_and_Efficiency"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.9</span> <span>Innovation and Efficiency</span> </div> </a> <ul id="toc-Innovation_and_Efficiency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Demographics_and_Changes_in_consumer_behavior" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Demographics_and_Changes_in_consumer_behavior"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.10</span> <span>Demographics and Changes in consumer behavior</span> </div> </a> <ul id="toc-Demographics_and_Changes_in_consumer_behavior-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the 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</div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" 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href="/wiki/File:CarbonBubble_ENG.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/CarbonBubble_ENG.svg/330px-CarbonBubble_ENG.svg.png" decoding="async" width="330" height="233" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/CarbonBubble_ENG.svg/495px-CarbonBubble_ENG.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4b/CarbonBubble_ENG.svg/660px-CarbonBubble_ENG.svg.png 2x" data-file-width="842" data-file-height="595" /></a><figcaption>Carbon Bubble according to data by the <a href="/wiki/Carbon_Tracker_Initiative" class="mw-redirect" title="Carbon Tracker Initiative">Carbon Tracker Initiative</a> (2013)</figcaption></figure><p>The <b>carbon bubble</b> is a hypothesized <a href="/wiki/Stock_market_bubble" title="Stock market bubble">bubble</a> in the valuation of companies dependent on <a href="/wiki/Fossil-fuel" class="mw-redirect" title="Fossil-fuel">fossil-fuel</a>-based energy production, resulting from future decreases in value of <a href="/wiki/Fossil_fuel_reserves" class="mw-redirect" title="Fossil fuel reserves">fossil fuel reserves</a> as they become unusable in order to meet <a href="/wiki/Carbon_budget" title="Carbon budget">carbon budgets</a> and recognition of negative <a href="/wiki/Externality" title="Externality">externalities</a> of carbon fuels which are not yet taken into account in a company's stock market <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">valuation</a>.<sup id="cite_ref-MPcommittee2_1-0" class="reference"><a href="#cite_note-MPcommittee2-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Rubin2_2-0" class="reference"><a href="#cite_note-Rubin2-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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.sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style></p><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Climate_change_and_society" title="Category:Climate change and society">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Climate_change_and_society" class="mw-redirect" title="Climate change and society">Climate change and<br />society</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#EEF7F1; border-top:1px solid #aaaaaa; border-bottom:1px solid #aaaaaa; padding:0 5px 0 5px;;color: var(--color-base)"><a href="/wiki/Effects_of_climate_change" title="Effects of climate change">Effects</a> · <a href="/wiki/Climate_risk" title="Climate risk">Risk</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">Climate change mitigation</a></li> <li><a href="/wiki/Climate_change_and_cities" title="Climate change and cities">Cities</a> <ul><li><a href="/wiki/Urban_heat_island" title="Urban heat island">Urban heat island</a></li></ul></li> <li><a href="/wiki/Eco-anxiety" title="Eco-anxiety">Eco-anxiety</a></li> <li><a href="/wiki/Ecological_footprint" title="Ecological footprint">Ecological footprint</a></li> <li><a href="/wiki/Ecological_grief" title="Ecological grief">Ecological grief</a></li> <li><a href="/wiki/Effects_of_climate_change_on_human_health" title="Effects of climate change on human health">Effects of climate change on human health</a></li> <li><a href="/wiki/Natural_environment" title="Natural environment">Environmental</a> <ul><li><a href="/wiki/Environmental_conflict" title="Environmental conflict">Conflict</a></li> <li><a href="/wiki/Environmental_degradation" title="Environmental degradation">Degradation</a></li> <li><a href="/wiki/Environmental_effects_of_aviation" class="mw-redirect" title="Environmental effects of aviation">Effects of aviation</a></li> <li><a href="/wiki/Environmental_impacts_of_animal_agriculture" title="Environmental impacts of animal agriculture">Impacts of agriculture</a></li></ul></li> <li><a href="/wiki/Extreme_weather" title="Extreme weather">Extreme weather</a> <ul><li><a href="/wiki/Drought" title="Drought">Drought</a></li> <li><a href="/wiki/Flood" title="Flood">Flood</a></li> <li><a href="/wiki/Heat_wave" title="Heat wave">Heat wave</a></li> <li><a href="/wiki/Storm_surge" title="Storm surge">Storm surge</a></li> <li><a href="/wiki/Tropical_cyclones_and_climate_change" title="Tropical cyclones and climate change">Tropical cyclones</a></li> <li><a href="/wiki/Wildfire" title="Wildfire">Wildfire</a></li></ul></li> <li><a href="/wiki/Food_security" title="Food security">Food security</a> <ul><li><a href="/wiki/Effects_of_climate_change_on_agriculture" title="Effects of climate change on agriculture">Agriculture</a></li> <li><a href="/wiki/Desertification" title="Desertification">Desertification</a></li> <li><a href="/wiki/Climate_change_and_fisheries" title="Climate change and fisheries">Fisheries</a></li> <li><a href="/wiki/Effects_of_climate_change_on_livestock" title="Effects of climate change on livestock">Livestock</a></li> <li><a href="/wiki/Climate_change_and_infectious_diseases" title="Climate change and infectious diseases">Infectious diseases</a></li> <li><a href="/wiki/Effects_of_climate_change_on_mental_health" title="Effects of climate change on mental health">Mental health</a>/<a href="/wiki/Psychological_impact_of_climate_change" title="Psychological impact of climate change">Psychology</a></li></ul></li> <li><a href="/wiki/List_of_environmental_conflicts" title="List of environmental conflicts">List of environmental conflicts</a></li> <li><a href="/wiki/Sea_level_rise" title="Sea level rise">Sea level rise</a> <ul><li><a href="/wiki/Coastal_erosion" title="Coastal erosion">Coastal erosion</a></li> <li><a href="/wiki/Coastal_flooding" title="Coastal flooding">Coastal flooding</a></li></ul></li> <li><a href="/wiki/Effects_of_climate_change_on_small_island_countries" title="Effects of climate change on small island countries">Small island countries</a></li> <li><a href="/wiki/Water_security" title="Water security">Water security</a> <ul><li><a href="/wiki/Effects_of_climate_change_on_the_water_cycle" title="Effects of climate change on the water cycle">Water cycle</a></li> <li><a href="/wiki/Water_scarcity" title="Water scarcity">Water scarcity</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#EEF7F1; border-top:1px solid #aaaaaa; border-bottom:1px solid #aaaaaa; padding:0 5px 0 5px;;color: var(--color-base)"><a href="/wiki/Economic_analysis_of_climate_change" title="Economic analysis of climate change">Economics</a> · <a href="/wiki/Climate_finance" title="Climate finance">Finance</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Autonomous_building" title="Autonomous building">Autonomous building</a></li> <li><a href="/wiki/Bright_green_environmentalism" title="Bright green environmentalism">Bright green environmentalism</a></li> <li><a href="/wiki/Carbon_footprint" title="Carbon footprint">Carbon footprint</a> <ul><li><a href="/wiki/Carbon_accounting" title="Carbon accounting">Carbon accounting</a></li> <li><a href="/wiki/Carbon_offsets_and_credits" title="Carbon offsets and credits">Carbon offsets and credits</a></li> <li><a href="/wiki/Global_warming_potential" title="Global warming potential">Global warming potential</a></li> <li><a href="/wiki/Greenhouse_gas_inventory" title="Greenhouse gas inventory">Greenhouse gas inventory</a></li> <li><a href="/wiki/Net_zero_emissions" class="mw-redirect" title="Net zero emissions">Net zero emissions</a></li></ul></li> <li><a href="/wiki/Carbon_price" title="Carbon price">Carbon price</a> <ul><li><a class="mw-selflink selflink">Carbon bubble</a></li> <li><a href="/wiki/Carbon_emission_trading" title="Carbon emission trading">Carbon emission trading</a></li> <li><a href="/wiki/Carbon_fee_and_dividend" title="Carbon fee and dividend">Carbon fee and dividend</a></li> <li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon tax</a></li> <li><a href="/wiki/Social_cost_of_carbon" title="Social cost of carbon">Social cost of carbon</a></li></ul></li> <li><a href="/wiki/Circular_economy" title="Circular economy">Circular economy</a></li> <li><a href="/wiki/Clean_growth" title="Clean growth">Clean growth</a></li> <li><a href="/wiki/Climate_change_scenario" title="Climate change scenario">Climate change scenario</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_environmental_responsibility" title="Corporate environmental responsibility">Corporate environmental responsibility</a></li> <li><a href="/wiki/Corporate_sociopolitical_activism" title="Corporate sociopolitical activism">Corporate sociopolitical activism</a></li> <li><a href="/wiki/Corporate_sustainability" title="Corporate sustainability">Corporate sustainability</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/Eco-city" class="mw-redirect" title="Eco-city">Eco-city</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological economics</a></li> <li><a href="/wiki/Ecovillage" title="Ecovillage">Ecovillage</a></li> <li><a href="/wiki/Energy_economics" title="Energy economics">Energy economics</a></li> <li><a href="/wiki/Environmental_design" title="Environmental design">Environmental design</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_corporate_governance" class="mw-redirect" title="Environmental, social, and corporate governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Green_accounting" title="Green accounting">Green accounting</a></li> <li><a href="/wiki/Green_bank" title="Green bank">Green bank</a></li> <li><a href="/wiki/Green_bond" title="Green bond">Green bond</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Green_building" title="Green building">Green building</a> <ul><li><a href="/wiki/Green_building_and_wood" title="Green building and wood">Green building and wood</a></li></ul></li> <li><a href="/wiki/Green_economy" title="Green economy">Green economy</a></li> <li><a href="/wiki/Green_home" title="Green home">Green home</a></li> <li><a href="/wiki/Green_recovery" title="Green recovery">Green recovery</a></li> <li><a href="/wiki/Greening" title="Greening">Greening</a></li> <li><a href="/wiki/Climate_risk_insurance" title="Climate risk insurance">Insurance</a> <ul><li><a href="/wiki/Act_of_God" title="Act of God">Act of God</a></li> <li><a href="/wiki/Extreme_event_attribution" title="Extreme event attribution">Extreme event attribution</a></li> <li><a href="/wiki/Climate_resilience" title="Climate resilience">Resilience</a></li> <li><a href="/wiki/Climate_risk_management" title="Climate risk management">Risk management</a></li> <li><a href="/wiki/Climate_change_vulnerability" title="Climate change vulnerability">Vulnerability</a></li></ul></li> <li><a href="/wiki/Low-carbon_economy" title="Low-carbon economy">Low-carbon economy</a></li> <li><a href="/wiki/Economics_of_climate_change_mitigation" title="Economics of climate change mitigation">Mitigation economics</a></li> <li><a href="/wiki/Natural_building" title="Natural building">Natural building</a></li> <li><a href="/wiki/Reuse" title="Reuse">Reuse</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainable</a> <ul><li><a href="/wiki/Sustainable_agriculture" title="Sustainable agriculture">Agriculture</a></li> <li><a href="/wiki/Sustainable_architecture" title="Sustainable architecture">Architecture</a></li> <li><a href="/wiki/Sustainable_capitalism" title="Sustainable capitalism">Capitalism</a></li> <li><a href="/wiki/Sustainable_city" title="Sustainable city">City</a></li> <li><a href="/wiki/Sustainable_consumer_behaviour" title="Sustainable consumer behaviour">Consumer behaviour</a></li> <li><a href="/wiki/Sustainable_diet" title="Sustainable diet">Diet</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Finance</a></li> <li><a href="/wiki/Sustainable_industries" title="Sustainable industries">Industries</a></li> <li><a href="/wiki/Sustainable_livelihood" title="Sustainable livelihood">Livelihood</a></li> <li><a href="/wiki/Sustainable_sourcing" title="Sustainable sourcing">Sourcing</a></li></ul></li> <li><a href="/wiki/Used_good" title="Used good">Used good</a></li> <li><a href="/wiki/Zero-energy_building" title="Zero-energy building">Zero-energy building</a></li> <li><a href="/wiki/Zero_heating_building" title="Zero heating building">Zero heating building</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#EEF7F1; border-top:1px solid #aaaaaa; border-bottom:1px solid #aaaaaa; padding:0 5px 0 5px;;color: var(--color-base)">Social issues · <a href="/wiki/Climate_change_ethics" title="Climate change ethics">Ethics</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Climate_change_and_children" title="Climate change and children">Children</a></li> <li><a href="/wiki/Climate_justice" title="Climate justice">Climate justice</a></li> <li><a href="/wiki/Climate_debt" title="Climate debt">Debt</a></li> <li><a href="/wiki/Cyclability" title="Cyclability">Cyclability</a></li> <li><a href="/wiki/Deep_ecology" title="Deep ecology">Deep ecology</a></li> <li><a href="/wiki/Dirty_hands" class="mw-redirect" title="Dirty hands">Dirty hands</a></li> <li><a href="/wiki/Ecosophy" title="Ecosophy">Ecosophy</a></li> <li><a href="/wiki/Environmental_racism" title="Environmental racism">Environmental racism</a></li> <li><a href="/wiki/Environmentalism" title="Environmentalism">Environmentalism</a></li> <li><a href="/wiki/Ethical_consumerism" title="Ethical consumerism">Ethical consumerism</a></li> <li><a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">Fossil fuel divestment</a></li> <li><a href="/wiki/Climate_change_and_gender" title="Climate change and gender">Gender</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Human_rights_and_climate_change" title="Human rights and climate change">Human rights</a></li> <li><a href="/wiki/Climate_change_and_Indigenous_peoples" class="mw-redirect" title="Climate change and Indigenous peoples">Indigenous peoples</a></li> <li><a href="/wiki/Just_transition" title="Just transition">Just transition</a></li> <li><a href="/wiki/List_of_climate_change_controversies" title="List of climate change controversies">List of climate change controversies</a></li> <li><a href="/wiki/Climate_migrant" class="mw-redirect" title="Climate migrant">Migration</a></li> <li><a href="/wiki/Co-benefits_of_climate_change_mitigation" class="mw-redirect" title="Co-benefits of climate change mitigation">Mitigation co-benefits</a></li> <li><a href="/wiki/Climate_change_and_poverty" title="Climate change and poverty">Poverty</a></li> <li><a href="/wiki/Psychology_of_climate_change_denial" title="Psychology of climate change denial">Psychology of climate change denial</a></li> <li><a href="/wiki/Public_interest_design" title="Public interest design">Public interest design</a></li> <li><a href="/wiki/Queer_ecology" title="Queer ecology">Queer ecology</a></li> <li><a href="/wiki/Climate_security" title="Climate security">Security</a></li> <li><a href="/wiki/Social_ecology_(ethics)" class="mw-redirect" title="Social ecology (ethics)">Social ecology (ethics)</a></li> <li><a href="/wiki/Social_responsibility" title="Social responsibility">Social responsibility</a></li> <li><a href="/wiki/Stewardship_(theology)" title="Stewardship (theology)">Stewardship (theology)</a></li> <li><a href="/wiki/Urban_forest_inequity" title="Urban forest inequity">Urban forest inequity</a></li> <li><a href="/wiki/Walkability" title="Walkability">Walkability</a></li> <li><a href="/wiki/Women_in_climate_change" title="Women in climate change">Women</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#EEF7F1; border-top:1px solid #aaaaaa; border-bottom:1px solid #aaaaaa; padding:0 5px 0 5px;;color: var(--color-base)"><a href="/wiki/Climate_communication" title="Climate communication">Communication</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Climate_crisis" title="Climate crisis">Climate crisis</a></li> <li><a href="/wiki/Climate_change_education" title="Climate change education">Education</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Media_coverage_of_climate_change" title="Media coverage of climate change">Media coverage</a></li> <li><a href="/wiki/Climate_change_in_popular_culture" title="Climate change in popular culture">Popular culture</a> <ul><li><a href="/wiki/Climate_fiction" title="Climate fiction">fiction</a></li> <li><a href="/wiki/Climate_change_art" title="Climate change art">art</a></li></ul></li> <li><a href="/wiki/Psychology_of_climate_change_denial" title="Psychology of climate change denial">Psychology of denial</a></li> <li><a href="/wiki/Public_opinion_on_climate_change" title="Public opinion on climate change">Public opinion</a></li> <li><a href="/wiki/Scientific_consensus_on_climate_change" title="Scientific consensus on climate change">Scientific consensus on climate change</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#EEF7F1; border-top:1px solid #aaaaaa; border-bottom:1px solid #aaaaaa; padding:0 5px 0 5px;;color: var(--color-base)"><a href="/wiki/Politics_of_climate_change" title="Politics of climate change">Politics</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Climate_movement" title="Climate movement">Climate movement</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco-capitalism</a></li> <li><a href="/wiki/Green_left" title="Green left">Green left</a></li> <li><a href="/wiki/Green_liberalism" title="Green liberalism">Green liberalism</a></li> <li><a href="/wiki/Eco-socialism" title="Eco-socialism">Eco-socialism</a></li> <li><a href="/wiki/Green_politics" title="Green politics">Green politics</a></li> <li><a href="/wiki/History_of_climate_change_policy_and_politics" title="History of climate change policy and politics">History</a></li> <li><a href="/wiki/Political_economy_of_climate_change" class="mw-redirect" title="Political economy of climate change">Political economy</a></li> <li><a href="/wiki/Climate_governance" title="Climate governance">Climate governance</a></li> <li><a href="/wiki/Climate_movement" title="Climate movement">Climate movement</a></li> <li><a href="/wiki/Climate_change_conspiracy_theory" class="mw-redirect" title="Climate change conspiracy theory">Conspiracy theories</a></li> <li><a href="/wiki/Climate_change_denial" title="Climate change denial">Denial</a></li> <li><a href="/wiki/Global_warming_controversy" class="mw-redirect" title="Global warming controversy">Global warming controversy</a></li> <li><a href="/wiki/Climate_change_litigation" title="Climate change litigation">Litigation</a></li> <li><a href="/wiki/Individual_action_on_climate_change" title="Individual action on climate change">Individual actions</a></li> <li><a href="/wiki/UNFCCC" class="mw-redirect" title="UNFCCC">UNFCCC</a></li> <li><a href="/wiki/United_Nations_Climate_Change_conference" class="mw-redirect" title="United Nations Climate Change conference">UN conferences</a></li> <li><a href="/wiki/Kyoto_Protocol" title="Kyoto Protocol">Kyoto Protocol</a></li> <li><a href="/wiki/Paris_Agreement" title="Paris Agreement">Paris Agreement</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Climate_change_icon.png/16px-Climate_change_icon.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Climate_change_icon.png/24px-Climate_change_icon.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Climate_change_icon.png/32px-Climate_change_icon.png 2x" data-file-width="1112" data-file-height="1056" /></span></span> </span><a href="/wiki/Portal:Climate_change" title="Portal:Climate change">Portal</a></span></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Glossary_of_climate_change" title="Glossary of climate change">Glossary</a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Index_of_climate_change_articles" title="Index of climate change articles">Index</a></b></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Climate_change_and_society" title="Template:Climate change and society"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Climate_change_and_society" title="Template talk:Climate change and society"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Climate_change_and_society" title="Special:EditPage/Template:Climate change and society"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>While most campaigns to reduce the investment, production, and use of <a href="/wiki/Fossil_fuels" class="mw-redirect" title="Fossil fuels">fossil fuels</a> has been based on <a href="/wiki/Ethics" title="Ethics">ethical</a> reasons,<sup id="cite_ref-Obama_3-0" class="reference"><a href="#cite_note-Obama-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Financial_analyst" title="Financial analyst">financial analysts</a>, <a href="/wiki/Economist" title="Economist">economists</a>, and <a href="/wiki/Financial_institutions" class="mw-redirect" title="Financial institutions">financial institutions</a> have increasingly argued in favor of doing so for <a href="/wiki/Finance" title="Finance">financial</a> reasons.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-MPcommittee_5-0" class="reference"><a href="#cite_note-MPcommittee-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-PRA_6-0" class="reference"><a href="#cite_note-PRA-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_7-0" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Thus, properly pricing fossil fuels based on the carbon bubble theory would mean <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a> would be significantly more attractive to invest in, and therefore speed up the transition towards <a href="/wiki/Sustainable_energy" title="Sustainable energy">sustainable energy</a>.<sup id="cite_ref-:0_8-0" class="reference"><a href="#cite_note-:0-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Many investors throughout the world are raising capital for <a href="/wiki/Fossil_fuel_exploration" class="mw-redirect" title="Fossil fuel exploration">fossil fuel exploration</a>. However, as the current reserves already exceed the carbon budget these new reserves are unlikely to be exploited, meaning the value of those investments will suffer serious decreases.<sup id="cite_ref-:02_9-0" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_10-0" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> However, investors are currently encouraged by <a href="/wiki/Quarterly_reporting" class="mw-redirect" title="Quarterly reporting">quarterly result cycles</a> and current <a href="/wiki/Accounting_standard" title="Accounting standard">accounting standards</a> to ignore these long-term issues in favor of higher short-term gains.<sup id="cite_ref-:02_9-1" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The biggest problem for governments and investors is re-balancing the value of these investments with as little damage to the economy or market as possible.<sup id="cite_ref-:02_9-2" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> An estimate made by <a href="/wiki/Kepler_Cheuvreux" title="Kepler Cheuvreux">Kepler Cheuvreux</a> puts the loss in value of the fossil fuel companies due to the impact of the growing renewables industry at US$28 trillion over the next two decades.<sup id="cite_ref-K-C_11-0" class="reference"><a href="#cite_note-K-C-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Lewis_12-0" class="reference"><a href="#cite_note-Lewis-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> A more recent analysis made by <a href="/wiki/Citi" class="mw-redirect" title="Citi">Citi</a> puts that figure at $100 trillion.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Darwin2_14-0" class="reference"><a href="#cite_note-Darwin2-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>In 2021, an analysis has found 90% of coal and 60% of oil and gas reserves could not be extracted if there was to be even a 50% chance of keeping global heating below 1.5C.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Etymology">Etymology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=1" title="Edit section: Etymology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The term "carbon bubble" arose in the early 21st century from the increasing awareness of the impact of fossil fuel combustion on global temperatures. "Carbon" refers to the <a href="/wiki/Hydrocarbon" title="Hydrocarbon">hydrocarbon</a> contained in fossil fuels, while "bubble" refers to <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubbles</a>, situations where the prices of <a href="/wiki/Asset" title="Asset">asset</a> are much higher than the intrinsic <a href="/wiki/Value_(economics)" title="Value (economics)">value</a>. The term was coined by the <a href="/wiki/Carbon_Tracker_Initiative" class="mw-redirect" title="Carbon Tracker Initiative">Carbon Tracker Initiative</a> which published key reports in July 2011 and April 2013.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> and it was further popularised in the <i><a href="/wiki/New_Scientist" title="New Scientist">New Scientist</a></i> magazine in October 2011.<sup id="cite_ref-newscientist_17-0" class="reference"><a href="#cite_note-newscientist-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> A widely shared article by <a href="/wiki/Bill_McKibben" title="Bill McKibben">Bill McKibben</a> was published in <i><a href="/wiki/Rolling_Stone" title="Rolling Stone">Rolling Stone</a></i> magazine in July 2012, bringing the idea to the attention of a popular audience.<sup id="cite_ref-rollingstone_18-0" class="reference"><a href="#cite_note-rollingstone-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> These were followed later in 2013 by a report from the <a href="/wiki/Demos_(U.S._think_tank)" title="Demos (U.S. think tank)">Demos</a> think tank.<sup id="cite_ref-Demos_19-0" class="reference"><a href="#cite_note-Demos-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Value_of_fossil-fuel_reserves">Value of fossil-fuel reserves</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=2" title="Edit section: Value of fossil-fuel reserves"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Carbon_budget" title="Carbon budget">Carbon budgets</a> are upper limits on the amount of <a href="/wiki/Carbon_dioxide" title="Carbon dioxide">carbon dioxide</a> emissions that can be released without <a href="/wiki/Global_warming" class="mw-redirect" title="Global warming">increasing the global average temperature</a> past a certain point. In 2011, the Carbon Tracker Initiative calculated that at that point the world could only burn 20% of its carbon-based fuel reserves if it wished to stay below a 2°C increase that has been agreed upon by the <a href="/wiki/UNFCCC" class="mw-redirect" title="UNFCCC">UNFCCC</a> members.<sup id="cite_ref-:03_20-0" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> This meant that the remaining 80% could not be burned, and so what governments and investors were treating as <a href="/wiki/Financial_risk" title="Financial risk">low-risk</a> assets were actually very likely to become <a href="/wiki/Stranded_asset" title="Stranded asset">stranded assets</a>.<sup id="cite_ref-:03_20-1" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> This could have serious economic implications, as the <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a>, <a href="/wiki/B3_(stock_exchange)" title="B3 (stock exchange)">Sao Paolo Stock Exchange</a>, and <a href="/wiki/Moscow_Exchange" title="Moscow Exchange">Moscow Exchange</a> (among others) had an estimated 20-30% of their <a href="/wiki/Market_capitalization" title="Market capitalization">market capitalization</a> connected to fossil fuels.<sup id="cite_ref-:03_20-2" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> In the case of London, for example, the fossil fuel reserves listed in the exchange were ten times its carbon budget from 2011 to 2050. As those assets become "unburnable" and therefore lose most of their value (or became <a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">liabilities</a>), this will put the strength of the British economy at stake.<sup id="cite_ref-:03_20-3" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> This is because the viability of these businesses depends on their ability to extract and sell carbon, rather than past emission-generating operations.<sup id="cite_ref-:03_20-4" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>A newer analysis has found, global emissions from fossil fuel reserves would exceed carbon budget by more than seven times.<sup id="cite_ref-:2_10-1" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Additionally, companies are continuing to gather more reserves as well as explore <a href="/wiki/Oil_reserves" class="mw-redirect" title="Oil reserves">unproven reserves</a>, meaning that there is an even larger hidden amount of reserves hidden within capital markets, further increasing the size of the carbon bubble.<sup id="cite_ref-:03_20-5" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Currently, reduction of a company's reserves is seen negatively by investors, even when it is the correct thing in the long-term interests of the company. For example, when <a href="/wiki/Royal_Dutch_Shell" class="mw-redirect" title="Royal Dutch Shell">Shell</a> reduced its reserves by 20% in January 2004, its share price dropped by 10% in a week.<sup id="cite_ref-:03_20-6" class="reference"><a href="#cite_note-:03-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Author <a href="/wiki/Bill_McKibben" title="Bill McKibben">Bill McKibben</a> has estimated that to sustain human life in the world, up to US$20 trillion worth of fossil fuel reserves will need to remain in the ground.<sup id="cite_ref-TomDispatch_21-0" class="reference"><a href="#cite_note-TomDispatch-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> In 2021, an analysis has found 90% of coal and 60% of oil and gas reserves could not be extracted if there was to be even a 50% chance of keeping global heating below 1.5C.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Stern_report" class="mw-redirect" title="Stern report">Stern report</a> in 2006 stated that the benefits of strong, early action to decrease the use of oil, coal and gas considerably outweigh the costs. Fossil fuel contributors, the building industry, and land use practices ignore the responsibility of the external costs and ignore the <a href="/wiki/Polluter_pays_principle" title="Polluter pays principle">polluter pays principle</a> according to which climate change costs will be paid by historical climate polluters.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>In 2015, <a href="/wiki/Mark_Carney" title="Mark Carney">Mark Carney</a>, the Governor of the Bank of England, in his lecture to <a href="/wiki/Lloyd%27s_of_London" title="Lloyd's of London">Lloyd's of London</a>, warned that limiting global warming to 2°C appears to require that the "vast majority" of fossil fuel reserves be "<a href="/wiki/Stranded_asset" title="Stranded asset">stranded assets</a>", or "literally unburnable without expensive carbon-capture technology", resulting in "potentially huge" exposure to investors in that sector.<sup id="cite_ref-:1_7-1" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Carney_24-0" class="reference"><a href="#cite_note-Carney-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Prospects_for_orderly_bubble_deflation">Prospects for orderly bubble deflation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=3" title="Edit section: Prospects for orderly bubble deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg/220px-Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg/330px-Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg/440px-Klimademo_Bern_vor_Schweizerischer_Nationalbank.jpg 2x" data-file-width="4928" data-file-height="3264" /></a><figcaption>Inflatable carbon bubble asking the <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a> to <a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">divest from fossil fuels</a> (2019).</figcaption></figure><p>A planned and orderly transition away from dependence on fossil fuels could prevent a disruptive "bursting of the carbon bubble". A number of developments are supporting such a transition. </p><div class="mw-heading mw-heading3"><h3 id="Government_action_on_climate_change">Government action on climate change</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=4" title="Edit section: Government action on climate change"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A detailed academic study of the consequences for the producers of the various hydrocarbon fuels concluded in early 2015 that a third of global oil reserves, half of gas reserves and over 80% of current coal reserves should remain underground from 2010 to 2050 in order to meet the target of no more than a 2 °C rise in <a href="/wiki/Average_global_temperature" class="mw-redirect" title="Average global temperature">average global temperature</a>. Hence continued exploration or development of reserves would be extraneous to needs. To meet the 2 °C target, strong measures would be needed to suppress demand, such as a substantial <a href="/wiki/Carbon_tax" title="Carbon tax">carbon tax</a> leaving a lower price for the producers from a smaller market. The impact on producers would vary widely depending on the cost of production in their areas of operation. For example, the impact in Canada would be far larger than in the United States. Open-pit mining of <a href="/wiki/Bituminous_sands" class="mw-redirect" title="Bituminous sands">bituminous sands</a> in Canada would soon drop to negligible levels after 2020 in all scenarios considered because it is considerably less economic than other methods of production.<sup id="cite_ref-Dyer_25-0" class="reference"><a href="#cite_note-Dyer-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Nature1_26-0" class="reference"><a href="#cite_note-Nature1-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Nature2_27-0" class="reference"><a href="#cite_note-Nature2-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>In mid-2015, the <a href="/wiki/Centre_for_Science_and_Policy" title="Centre for Science and Policy">Centre for Science and Policy</a>, <a href="/wiki/University_of_Cambridge" title="University of Cambridge">University of Cambridge</a> published a report assessing the risks from climate change in order to estimate the amount of resources that should be allocated to address them. The report notes that "standard economic estimates of the global costs of climate change are wildly sensitive both to assumptions about the science, and to judgments about the value of human life. They are also likely to be systematically biased towards underestimation of risk, as they tend to omit a wide range of impacts that are difficult to quantify".<sup id="cite_ref-Cambridge_30-0" class="reference"><a href="#cite_note-Cambridge-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Awareness_in_the_financial_industry">Awareness in the financial industry</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=5" title="Edit section: Awareness in the financial industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By 2013, there was significant awareness in the financial industry of the risks associated with exposure to companies involved in extraction of fossil fuels.<sup id="cite_ref-Randall_31-0" class="reference"><a href="#cite_note-Randall-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> In early 2014, the <a href="/wiki/FTSE_Group" title="FTSE Group">FTSE Group</a>, <a href="/wiki/BlackRock" title="BlackRock">BlackRock</a> and the <a href="/wiki/Natural_Resources_Defense_Council" title="Natural Resources Defense Council">Natural Resources Defense Council</a> collaborated in the creation of a <a href="/wiki/Stock_market_index" title="Stock market index">stock market index</a> series that excludes companies linked to exploration, ownership or extraction of carbon-based fossil fuel reserves. These indices are intended to make it easier for investors to steer their investments away from such companies.<sup id="cite_ref-Indices_32-0" class="reference"><a href="#cite_note-Indices-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Paton_33-0" class="reference"><a href="#cite_note-Paton-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> It has been proposed that companies be required by law to report on their greenhouse gas emissions and assess the risk this could pose to their future financial performance. According to <a href="/wiki/Christiana_Figueres" title="Christiana Figueres">Christiana Figueres</a>, UNFCCC, companies have a duty to shareholders to move to a <a href="/wiki/Low-carbon_economy" title="Low-carbon economy">low-carbon economy</a>, because of the effects of the carbon bubble.<sup id="cite_ref-MPcommittee_5-1" class="reference"><a href="#cite_note-MPcommittee-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Divestment_campaigning">Divestment campaigning</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=6" title="Edit section: Divestment campaigning"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The ongoing <a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">fossil fuel divestment</a> campaign in universities, churches<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> and pension funds<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> contributes to divestiture from fossil fuel companies.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> By late 2015, this divestiture was reported to reach $2.6 trillion,<sup id="cite_ref-Martin_40-0" class="reference"><a href="#cite_note-Martin-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> by September 2019, total divestment commitments had grown to an approximate value of $11.48 trillion.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>In September 2019, when the <a href="/wiki/University_of_California" title="University of California">University of California</a> announced, it will divest its $83 billion in endowment and pension funds from the fossil fuel industry, UC officials said, they made it for financial reasons: "We believe hanging on to fossil fuel assets is a financial risk."<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Jeff_Rubin" title="Jeff Rubin">Jeff Rubin</a> suggested <a href="/wiki/Canada" title="Canada">Canada</a> should invest into <a href="/wiki/Hydraulic_energy" class="mw-redirect" title="Hydraulic energy">hydraulic energy</a> and <a href="/wiki/Agriculture_in_Canada" title="Agriculture in Canada">agriculture</a> rather than <a href="/wiki/Oil_sands_of_Canada" class="mw-redirect" title="Oil sands of Canada">its oil sands</a> as a way to avoid the effects of the bubble.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Cheaper_clean_energy">Cheaper clean energy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=7" title="Edit section: Cheaper clean energy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The price of <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a> is continually dropping.<sup id="cite_ref-CarbonTracker_46-0" class="reference"><a href="#cite_note-CarbonTracker-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> As of 2014 new wind power is cheaper than new coal and gas power in Australia,<sup id="cite_ref-Paton_33-1" class="reference"><a href="#cite_note-Paton-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> China<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> and the United States.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> Also the electricity produced from a <a href="/wiki/Photovoltaic" class="mw-redirect" title="Photovoltaic">photovoltaic</a> roof system is cheaper than the electricity from the grid in many countries and places in the world.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Real_pollution_control">Real pollution control</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=8" title="Edit section: Real pollution control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Fossil fuels are known for their huge negative <a href="/wiki/Externalities" class="mw-redirect" title="Externalities">externalities</a> or hidden costs.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> Tackling this <a href="/wiki/Market_failure" title="Market failure">market failure</a> will make alternative energies more competitive and will reduce the consumption of fossil fuels.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Cancellation_of_government_energy_subsidies">Cancellation of government <a href="/wiki/Energy_subsidies" class="mw-redirect" title="Energy subsidies">energy subsidies</a></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=9" title="Edit section: Cancellation of government energy subsidies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, governments around the world gave $523 billion direct subsidies for fossil fuels in 2011.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> If a carbon tax of $25 per ton of <a href="/wiki/Carbon_dioxide" title="Carbon dioxide">CO<sub style="font-size: 80%;vertical-align: -0.35em">2</sub></a> is included the subsidies total $1.9 trillion only for 2011.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Removing fossil fuels subsidies will further reduce their consumption and make the alternative energies even more competitive. </p> <div class="mw-heading mw-heading3"><h3 id="Renewable_corporations_lobbying">Renewable corporations lobbying</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=10" title="Edit section: Renewable corporations lobbying"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As the penetration of the renewable energy increases so will the wealth of the renewable energy corporations. This and the increasing number of employees in the renewable energy sector will inevitably transform into political lobbying against fossil fuels.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Urbanization_and_Electric_transportation">Urbanization and Electric transportation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=11" title="Edit section: Urbanization and Electric transportation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Urbanization" title="Urbanization">Urbanization</a> combined with increasing availability of convenient, safe and efficient <a href="/wiki/Public_transport" title="Public transport">public transport</a>, <a href="/wiki/Green_building" title="Green building">green buildings</a> and efficient energy distribution, as well as extended product life/use/re-use, increased local recycling and self-sustainability in raw materials drive down energy consumption. Perversely, ready access to travel and luxury, more batteries (energy storage and conversion losses) and proliferation of low cost LED technology, e.g. for advertising and decorative uses, may negate some of the potential energy savings. Switching to renewables sourced, <a href="/wiki/Electric_vehicle" title="Electric vehicle">electricity based transportation</a> will reduce the demand for fossil fuels, particularly petroleum.<sup id="cite_ref-CarbonTracker_46-1" class="reference"><a href="#cite_note-CarbonTracker-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Combining roof photovoltaics with second hand EV batteries will further reduce the dependence on fossil fuels as they will provide the needed <a href="/wiki/Grid_storage" class="mw-redirect" title="Grid storage">grid storage</a> for the times when the <a href="/wiki/Intermittent_renewable_energy" class="mw-redirect" title="Intermittent renewable energy">intermittent renewable energy</a> sources are not producing electricity.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Innovation_and_Efficiency">Innovation and Efficiency</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=12" title="Edit section: Innovation and Efficiency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Innovations in, for example, information technology, miniaturisation, LEDs, virtual reality, 3D printing, new materials and biotechnology enable energy reduction in the areas of human sustenance and travel, as well as physical product creation and distribution. They also offer new avenues for economic growth and technological leadership, and are thus especially important for sustained wealth creation in the most developed, net-energy importing nations. Energy consumption may be expected to decrease as the service sector of the economy continues to grow whilst heavy industry, construction, manufacturing and agricultural sectors reduce. Increased investments in <a href="/wiki/Efficient_energy_use" title="Efficient energy use">energy efficiency</a> may lead to less consumed energy<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> even when the economy grows.<sup id="cite_ref-ft_59-0" class="reference"><a href="#cite_note-ft-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> Without growth in energy usage the prices of fossil fuels will decrease and most of the mega energy projects may be uneconomical. </p> <div class="mw-heading mw-heading3"><h3 id="Demographics_and_Changes_in_consumer_behavior">Demographics and Changes in consumer behavior</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=13" title="Edit section: Demographics and Changes in consumer behavior"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A shrinking and ageing, already materially prosperous, satisfied and individualistic society may be less motivated towards additional, energy consuming material goods and new construction.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research"><span title="The material near this tag possibly contains original research. (January 2022)">original research?</span></a></i>]</sup> On the other hand, longer life expectancy and increasing leisure and travel time will increase total energy use over an individual's lifetime.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research"><span title="The material near this tag possibly contains original research. (January 2022)">original research?</span></a></i>]</sup> According to research by U.S. PIRG Education Fund reported in late 2014: "Over the last decade – after 60-plus years of steady increases – the number of miles driven by the average American has been falling. Young Americans have experienced the greatest changes: driving less; taking public transport, biking and walking more; and seeking out places to live in cities and walkable communities where driving is an option, not a necessity."<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> Data from the U.S. <a href="/wiki/Energy_Information_Administration" title="Energy Information Administration">Energy Information Administration</a> show that U.S. consumption of both coal and petroleum liquids peaked in 2005, and at the end of 2014 had fallen by 21% and 13% respectively. Consumption of natural gas continued to climb, resulting in the rate of total fossil fuel consumption in terms of energy units falling only 6% from its peak in 2007 to a plateau. On the other hand, global consumption of petroleum climbed steadily a total of 32% from 1995 to 2014.<sup id="cite_ref-EIA_61-0" class="reference"><a href="#cite_note-EIA-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=14" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/100%25_renewable_energy" title="100% renewable energy">100% renewable energy</a></li> <li><a href="/wiki/Environmental_stewardship" title="Environmental stewardship">Environmental stewardship</a></li> <li><a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">Fossil fuel phase-out</a></li> <li><a href="/wiki/Stranded_asset" title="Stranded asset">Stranded asset</a></li> <li><a href="/wiki/Transport_%26_Environment" class="mw-redirect" title="Transport & Environment">Transport & Environment</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Carbon_bubble&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-MPcommittee2-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-MPcommittee2_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHarvey2014" class="citation web cs1"><a href="/wiki/Fiona_Harvey" title="Fiona Harvey">Harvey, Fiona</a> (6 March 2014). <a rel="nofollow" class="external text" href="https://www.theguardian.com/environment/2014/mar/06/carbon-bubble-threat-uk-economy-fossil-fuels-mps">"<span class="cs1-kern-left"></span>'Carbon bubble' poses serious threat to UK economy, MPs warn"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140306201620/http://www.theguardian.com/environment/2014/mar/06/carbon-bubble-threat-uk-economy-fossil-fuels-mps">Archived</a> from the original on 6 March 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">6 March</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Guardian&rft.atitle=%27Carbon+bubble%27+poses+serious+threat+to+UK+economy%2C+MPs+warn&rft.date=2014-03-06&rft.aulast=Harvey&rft.aufirst=Fiona&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fenvironment%2F2014%2Fmar%2F06%2Fcarbon-bubble-threat-uk-economy-fossil-fuels-mps&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-Rubin2-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Rubin2_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRubin2015" class="citation book cs1">Rubin, Jeff (12 May 2015). <a rel="nofollow" class="external text" href="http://www.penguinrandomhouse.com/books/240901/the-carbon-bubble-by-jeff-rubin/"><i>The Carbon Bubble</i></a>. <a href="/wiki/Penguin_Random_House" title="Penguin Random House">Penguin Random House</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0345814715" title="Special:BookSources/978-0345814715"><bdi>978-0345814715</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151027155407/http://www.penguinrandomhouse.com/books/240901/the-carbon-bubble-by-jeff-rubin/">Archived</a> from the original on 27 October 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">9 October</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Carbon+Bubble&rft.pub=Penguin+Random+House&rft.date=2015-05-12&rft.isbn=978-0345814715&rft.aulast=Rubin&rft.aufirst=Jeff&rft_id=http%3A%2F%2Fwww.penguinrandomhouse.com%2Fbooks%2F240901%2Fthe-carbon-bubble-by-jeff-rubin%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-Obama-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Obama_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarack_Obama2015" class="citation speech cs1">Barack Obama (6 November 2015). <a rel="nofollow" class="external text" href="https://obamawhitehouse.archives.gov/the-press-office/2015/11/06/statement-president-keystone-xl-pipeline"><i>Statement by the President on the Keystone XL Pipeline</i></a> (Speech). <i><a href="/wiki/Whitehouse.gov" title="Whitehouse.gov">whitehouse.gov</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210915052543/https://obamawhitehouse.archives.gov/the-press-office/2015/11/06/statement-president-keystone-xl-pipeline">Archived</a> from the original on 15 September 2021<span class="reference-accessdate">. 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Retrieved <span class="nowrap">6 March</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Guardian&rft.atitle=%27Carbon+bubble%27+poses+serious+threat+to+UK+economy%2C+MPs+warn&rft.date=2014-03-06&rft.aulast=Harvey&rft.aufirst=Fiona&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fenvironment%2F2014%2Fmar%2F06%2Fcarbon-bubble-threat-uk-economy-fossil-fuels-mps&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-PRA-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-PRA_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1"><a rel="nofollow" class="external text" href="http://www.bankofengland.co.uk/pra/Documents/supervision/activities/pradefra0915.pdf">The impact of climate change on the UK insurance sector</a> <span class="cs1-format">(PDF)</span> (Report). <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. 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Retrieved <span class="nowrap">9 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=The+impact+of+climate+change+on+the+UK+insurance+sector&rft.pub=Bank+of+England&rft.date=2015-09&rft_id=http%3A%2F%2Fwww.bankofengland.co.uk%2Fpra%2FDocuments%2Fsupervision%2Factivities%2Fpradefra0915.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-:1-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarrington2019" class="citation news cs1">Carrington, Damian (13 October 2019). <a rel="nofollow" class="external text" href="https://www.theguardian.com/environment/2019/oct/13/firms-ignoring-climate-crisis-bankrupt-mark-carney-bank-england-governor">"Firms ignoring climate crisis will go bankrupt, says Mark Carney"</a>. <i>The Guardian</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0261-3077">0261-3077</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211119203623/https://www.theguardian.com/environment/2019/oct/13/firms-ignoring-climate-crisis-bankrupt-mark-carney-bank-england-governor">Archived</a> from the original on 19 November 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">18 October</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Firms+ignoring+climate+crisis+will+go+bankrupt%2C+says+Mark+Carney&rft.date=2019-10-13&rft.issn=0261-3077&rft.aulast=Carrington&rft.aufirst=Damian&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fenvironment%2F2019%2Foct%2F13%2Ffirms-ignoring-climate-crisis-bankrupt-mark-carney-bank-england-governor&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-:0-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-:0_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130818040622/http://www.carbontracker.org/carbonbubble">"<i>Unburnable Carbon – Are the world's financial markets carrying a carbon bubble?</i>"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.carbontracker.org/carbonbubble">the original</a> on 18 August 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Unburnable+Carbon+%E2%80%93+Are+the+world%27s+financial+markets+carrying+a+carbon+bubble%3F&rft_id=http%3A%2F%2Fwww.carbontracker.org%2Fcarbonbubble&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-:02-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-:02_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:02_9-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:02_9-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130818040622/http://www.carbontracker.org/carbonbubble">"<i>Unburnable Carbon – Are the world's financial markets carrying a carbon bubble?</i>"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.carbontracker.org/carbonbubble">the original</a> on 18 August 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Unburnable+Carbon+%E2%80%93+Are+the+world%27s+financial+markets+carrying+a+carbon+bubble%3F&rft_id=http%3A%2F%2Fwww.carbontracker.org%2Fcarbonbubble&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-:2-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-:2_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:2_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMilman2022" class="citation web cs1">Milman, Oliver (19 September 2022). <a rel="nofollow" class="external text" href="https://www.theguardian.com/environment/2022/sep/19/world-fossil-fuel-reserve-greenhouse-gas-emissions">"Burning world's fossil fuel reserves could emit 3.5tn tons of greenhouse gas"</a>. <i>The Guardian</i><span class="reference-accessdate">. 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Renew Economy. Archived from <a rel="nofollow" class="external text" href="http://reneweconomy.com.au/2014/28-trillion-11465">the original</a> on 29 April 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Fossil+fuels+face+%2430+trillion+losses+from+climate%2C+renewables&rft.date=2014-04-28&rft.au=Giles+Parkinson&rft_id=http%3A%2F%2Freneweconomy.com.au%2F2014%2F28-trillion-11465&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-Lewis-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-Lewis_12-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLewis2014" class="citation web cs1">Lewis, Mark C. 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Retrieved <span class="nowrap">9 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Energy+Darwinism+II&rft.pub=Citi+GPS&rft.date=2015-08-14&rft_id=https%3A%2F%2Fir.citi.com%2FE8%252B83ZXr1vd%252Fqyim0DizLrUxw2FvuAQ2jOlmkGzr4ffw4YJCK8s0q2W58AkV%252FypGoKD74zHfji8%253D&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130818040622/http://www.carbontracker.org/carbonbubble">"<i>Unburnable Carbon – Are the world's financial markets carrying a carbon bubble?</i>"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.carbontracker.org/carbonbubble">the original</a> on 18 August 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Unburnable+Carbon+%E2%80%93+Are+the+world%27s+financial+markets+carrying+a+carbon+bubble%3F&rft_id=http%3A%2F%2Fwww.carbontracker.org%2Fcarbonbubble&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130730162257/http://www.carbontracker.org/wastedcapital">"<i>Unburnable carbon 2013: Wasted capital and stranded assets</i>"</a>. 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Retrieved <span class="nowrap">9 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Monthly+Energy+Review%E2%80%94+October+2015&rft.pub=U.S.+Energy+Information+Administration&rft.date=2015-10-27&rft_id=http%3A%2F%2Fwww.eia.gov%2Ftotalenergy%2Fdata%2Fmonthly%2Fpdf%2Fmer.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+bubble" class="Z3988"></span></span> </li> </ol></div></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output 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.navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Coal" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Coal" title="Template:Coal"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Coal" title="Template talk:Coal"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Coal" title="Special:EditPage/Template:Coal"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Coal" style="font-size:114%;margin:0 4em"><a href="/wiki/Coal" title="Coal">Coal</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Coal types by grade<br /><small>(lowest to highest)</small></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Xylit" title="Xylit">Xylit</a></li> <li><a href="/wiki/Peat" title="Peat">Peat</a><sup>1</sup></li> <li><a href="/wiki/Lignite" title="Lignite">Lignite</a></li> <li><a href="/wiki/Sub-bituminous_coal" title="Sub-bituminous coal">Sub-bituminous coal</a></li> <li><a href="/wiki/Bituminous_coal" title="Bituminous coal">Bituminous coal</a></li> <li><a href="/wiki/Anthracite" title="Anthracite">Anthracite</a></li> <li><a href="/wiki/Graphite" title="Graphite">Graphite</a><sup>1</sup></li></ul> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:Coal_anthracite.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Coal_anthracite.jpg/80px-Coal_anthracite.jpg" decoding="async" width="80" height="75" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Coal_anthracite.jpg/120px-Coal_anthracite.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Coal_anthracite.jpg/160px-Coal_anthracite.jpg 2x" data-file-width="360" data-file-height="337" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Coal combustion</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ash_pond" title="Ash pond">Ash pond</a></li> <li><a href="/wiki/Asian_brown_cloud" title="Asian brown cloud">Asian brown cloud</a></li> <li><a href="/wiki/Asthma" title="Asthma">Asthma</a></li> <li><a href="/wiki/Black_coal_equivalent" title="Black coal equivalent">Black coal equivalent</a></li> <li><a href="/wiki/Char_(chemistry)" title="Char (chemistry)">Char</a></li> <li><a href="/wiki/Charcoal" title="Charcoal">Charcoal</a></li> <li><a href="/wiki/Coal" title="Coal">Coal</a> <ul><li><a href="/wiki/Coal_combustion_products" title="Coal combustion products">combustion products</a></li> <li><a href="/wiki/Coal-fired_power_station" title="Coal-fired power station">fired power station</a></li> <li><a href="/wiki/Coal_gas" title="Coal gas">gas</a></li> <li><a href="/wiki/Coal_phase-out" title="Coal phase-out">phase-out</a></li> <li><a href="/wiki/Coal_pollution_mitigation" title="Coal pollution mitigation">pollution mitigation</a></li> <li><a href="/wiki/Coal_power_in_China" title="Coal power in China">power in China</a></li> <li><a href="/wiki/Coal_power_in_the_United_States" title="Coal power in the United States">power in the United States</a></li> <li><a href="/wiki/Coal_preparation_plant" title="Coal preparation plant">preparation plant</a></li> <li><a href="/wiki/Coal-seam_fire" title="Coal-seam fire">seam fire</a></li> <li><a href="/wiki/Coal_tar" title="Coal tar">tar</a></li></ul></li> <li><a href="/wiki/Coke_(fuel)" title="Coke (fuel)">Coke</a></li> <li><a href="/wiki/Coking" title="Coking">Coking</a></li> <li><a href="/wiki/Energy_value_of_coal" title="Energy value of coal">Energy value</a></li> <li><a href="/wiki/Flue_gas" title="Flue gas">Flue gas</a></li> <li><a href="/wiki/Fly_ash" class="mw-redirect" title="Fly ash">Fly ash</a></li> <li><a href="/wiki/Fossil_fuel" title="Fossil fuel">Fossil fuel</a></li> <li><a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">Fossil fuel phase-out</a></li> <li><a href="/wiki/Great_Smog_of_London" title="Great Smog of London">Great Smog of London</a></li> <li><a href="/wiki/Greenhouse_gas_emissions" title="Greenhouse gas emissions">Greenhouse gas emissions</a></li> <li><a href="/wiki/Metallurgical_coal" title="Metallurgical coal">Metallurgical coal</a></li> <li><a href="/wiki/NOx" title="NOx">NOx</a></li> <li><a href="/wiki/Smog" title="Smog">Smog</a></li> <li><a href="/wiki/Sulfur_dioxide" title="Sulfur dioxide">Sulfur dioxide</a></li> <li><a href="/wiki/Toxic_heavy_metal" title="Toxic heavy metal">Toxic heavy metals</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Coal_mining" title="Coal mining">Coal mining</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blackdamp" title="Blackdamp">Blackdamp</a></li> <li><a href="/wiki/Black_lung_disease" title="Black lung disease">Black lung disease</a></li> <li><a href="/wiki/Coal_dust" title="Coal dust">Coal dust</a></li> <li><a href="/wiki/List_of_coalfields" title="List of coalfields">Coalfields</a></li> <li><a href="/wiki/Coal" title="Coal">Coal</a> <ul><li><a href="/wiki/Coal_gas" title="Coal gas">gas</a></li> <li><a href="/wiki/Coal_homogenization" title="Coal homogenization">homogenization</a></li> <li><a href="/wiki/Coal_liquefaction" title="Coal liquefaction">liquefaction</a></li> <li><a href="/wiki/Category:Coal_mining_disasters_in_the_United_States" title="Category:Coal mining disasters in the United States">mining disasters in the United States</a></li> <li><a href="/wiki/Coal-mining_region" title="Coal-mining region">mining region</a></li> <li><a href="/wiki/Coal_refuse" title="Coal refuse">refuse</a></li> <li><a href="/wiki/Coal_slurry" title="Coal slurry">slurry</a></li> <li><a href="/wiki/Coal_town" title="Coal town">town</a></li></ul></li> <li><a href="/wiki/Environmental_issues_in_Appalachia" title="Environmental issues in Appalachia">Environmental issues in Appalachia</a></li> <li><a href="/wiki/Environmental_justice_and_coal_mining_in_Appalachia" title="Environmental justice and coal mining in Appalachia">Environmental justice and coal mining in Appalachia</a></li> <li><a href="/wiki/Firedamp" title="Firedamp">Firedamp</a></li> <li><a href="/wiki/Health_and_environmental_impact_of_the_coal_industry" title="Health and environmental impact of the coal industry">Health and environmental impact of the coal industry</a></li> <li><a href="/wiki/Health_effects_of_coal_ash" title="Health effects of coal ash">Health effects of coal ash</a></li> <li><a href="/wiki/History_of_coal_mining" title="History of coal mining">History of coal mining</a></li> <li><a href="/wiki/Hydrogen_sulfide" title="Hydrogen sulfide">Hydrogen sulfide</a></li> <li><a href="/wiki/Coal-mining_region" title="Coal-mining region">Mining regions</a></li> <li><a href="/wiki/Outburst_(mining)" title="Outburst (mining)">Outbursts</a></li> <li><a href="/wiki/Peak_coal" title="Peak coal">Peak coal</a></li> <li><a href="/wiki/Problems_in_coal_mining" title="Problems in coal mining">Problems in coal mining</a></li> <li><a href="/wiki/Refined_coal" title="Refined coal">Refined coal</a></li> <li><a href="/wiki/Whitedamp" title="Whitedamp">Whitedamp</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3"><div>Note: [1] Peat is considered a precursor to coal. Graphite is only technically considered a coal type.</div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_bubbles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_bubbles" title="Template:Financial bubbles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_bubbles" title="Template talk:Financial bubbles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_bubbles" title="Special:EditPage/Template:Financial bubbles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_bubbles" style="font-size:114%;margin:0 4em"><a href="/wiki/Economic_bubble" title="Economic bubble">Financial bubbles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a></li> <li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li> <li><a href="/wiki/Real-estate_bubble" title="Real-estate bubble">Real-estate bubble</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a> (1634–1637)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble</a> (1684–1720)</li> <li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble</a> (1711–1720)</li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal Bubble of 1769</a> (1757–1769)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Canal_Mania" title="Canal Mania">Canal Mania</a> (c. 1790–c. 1810)</li> <li><a href="/wiki/Carolina_gold_rush" title="Carolina gold rush">Carolina gold rush</a> (1802–1825)</li> <li><a href="/wiki/Alabama_real_estate_bubble_of_the_1810s" title="Alabama real estate bubble of the 1810s">1810s Alabama real estate bubble</a></li> <li><a href="/wiki/Georgia_Gold_Rush" title="Georgia Gold Rush">Georgia Gold Rush</a> (1828–c. 1840)</li> <li><a href="/wiki/Chicago_real_estate_bubble_of_the_1830s" title="Chicago real estate bubble of the 1830s">1830s Chicago real estate bubble</a></li> <li><a href="/wiki/Chilean_silver_rush" title="Chilean silver rush">Chilean silver rush</a> (1830–1850)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Railway_Mania" title="Railway Mania">Railway Mania</a> (c. 1840–c. 1850)</li> <li><a href="/wiki/California_gold_rush" title="California gold rush">California gold rush</a> (1848–1855)</li> <li><a href="/wiki/Queen_Charlottes_Gold_Rush" title="Queen Charlottes Gold Rush">Queen Charlottes Gold Rush</a> (1851)</li> <li><a href="/wiki/Victorian_gold_rush" title="Victorian gold rush">Victorian gold rush</a> (1851–c. 1870)</li> <li><a href="/wiki/New_South_Wales_gold_rush" title="New South Wales gold rush">New South Wales gold rush</a> (1851–1880)</li> <li><a href="/wiki/Australian_gold_rushes" title="Australian gold rushes">Australian gold rushes</a> (1851–1914)</li> <li><a href="/wiki/Fraser_Canyon_Gold_Rush" title="Fraser Canyon Gold Rush">Fraser Canyon Gold Rush</a> (1858)</li> <li><a href="/wiki/Pike%27s_Peak_gold_rush" title="Pike's Peak gold rush">Pike's Peak gold rush</a> (1858–1861)</li> <li><a href="/wiki/Rock_Creek_Gold_Rush" title="Rock Creek Gold Rush">Rock Creek Gold Rush</a> (1859)</li> <li><a href="/wiki/Pennsylvania_oil_rush" title="Pennsylvania oil rush">Pennsylvania oil rush</a> (1859–1891)</li> <li><a href="/wiki/Similkameen_Gold_Rush" title="Similkameen Gold Rush">Similkameen Gold Rush</a> (1860)</li> <li><a href="/wiki/Stikine_Gold_Rush" title="Stikine Gold Rush">Stikine Gold Rush</a> (1861)</li> <li><a href="/wiki/Steamboats_of_the_Colorado_River" title="Steamboats of the Colorado River">Colorado River mining boom</a> (1861–1864)</li> <li><a href="/wiki/Otago_gold_rush" title="Otago gold rush">Otago gold rush</a> (1861–1864)</li> <li><a href="/wiki/Cariboo_Gold_Rush" title="Cariboo Gold Rush">Cariboo Gold Rush</a> (1861–1867)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">First Nova Scotia Gold Rush</a> (1861–1874)</li> <li><a href="/wiki/West_Coast_gold_rush" title="West Coast gold rush">West Coast gold rush</a> (1864–1867)</li> <li><a href="/wiki/Big_Bend_Gold_Rush" title="Big Bend Gold Rush">Big Bend Gold Rush</a> (c. 1865)</li> <li><a href="/wiki/Vermilion_Lake_gold_rush" title="Vermilion Lake gold rush">Vermilion Lake gold rush</a> (1865–1867)</li> <li><a href="/wiki/Kildonan_Gold_Rush" title="Kildonan Gold Rush">Kildonan Gold Rush</a> (1869)</li> <li><a href="/wiki/Omineca_Gold_Rush" title="Omineca Gold Rush">Omineca Gold Rush</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lapland_gold_rush" title="Lapland gold rush">1870s Lapland gold rush</a></li> <li><a href="/wiki/Coromandel_Gold_Rushes" title="Coromandel Gold Rushes">Coromandel Gold Rushes</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Cassiar_Country" title="Cassiar Country">Cassiar Gold Rush</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Black_Hills_gold_rush" title="Black Hills gold rush">Black Hills gold rush</a> (1874–1880)</li> <li><a href="/wiki/Colorado_Silver_Boom" title="Colorado Silver Boom">Colorado Silver Boom</a> (1879–1893)</li> <li><a href="/wiki/Western_Australian_gold_rushes" title="Western Australian gold rushes">Western Australian gold rushes</a> (c. 1880–c. 1900)</li> <li><a href="/wiki/Indiana_gas_boom" title="Indiana gas boom">Indiana gas boom</a> (c. 1880–1903)</li> <li><a href="/wiki/Petroleum_industry_in_Ohio" title="Petroleum industry in Ohio">Ohio oil rush</a> (c. 1880–c. 1930)</li> <li><a href="/wiki/Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a> (1883–1906)</li> <li><a href="/wiki/Cayoosh_Gold_Rush" title="Cayoosh Gold Rush">Cayoosh Gold Rush</a> (1884)</li> <li><a href="/wiki/Witwatersrand_Gold_Rush" title="Witwatersrand Gold Rush">Witwatersrand Gold Rush</a> (1886)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1886–1890)</li> <li><a href="/wiki/Cripple_Creek_Gold_Rush" title="Cripple Creek Gold Rush">Cripple Creek Gold Rush</a> (c. 1890–c. 1910)</li> <li><a href="/wiki/Klondike_Gold_Rush" title="Klondike Gold Rush">Klondike Gold Rush</a> (1896–1899)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Second Nova Scotia Gold Rush</a> (1896–1903)</li> <li><a href="/wiki/Kobuk_River_Stampede" title="Kobuk River Stampede">Kobuk River Stampede</a> (1897–1899)</li> <li><a href="/wiki/Mount_Baker_gold_rush" title="Mount Baker gold rush">Mount Baker gold rush</a> (1897–c. 1925)</li> <li><a href="/wiki/Nome_Gold_Rush" title="Nome Gold Rush">Nome Gold Rush</a> (1899–1909)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (c. 1900–1918)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1901–1918)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1903–1918)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1909–1918)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">1920s Florida land boom</a> (c. 1920–1925)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1918–1945)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1918–1945)</li> <li><a href="/wiki/Kakamega_gold_rush" title="Kakamega gold rush">1930s Kakamega gold rush</a></li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Third Nova Scotia Gold Rush</a> (1932–1942)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1945–c. 1950)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1945–c. 1960)</li> <li><a href="/wiki/Poseidon_bubble" title="Poseidon bubble">Poseidon bubble</a> (1969–1970)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">The Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a></li> <li><a href="/wiki/Mexican_oil_boom" title="Mexican oil boom">Mexican oil boom</a> (1977–1981)</li> <li><a href="/wiki/Silver_Thursday" title="Silver Thursday">Silver Thursday</a> (1980)</li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (c. 1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (1982–)</li> <li><a href="/wiki/Spanish_property_bubble" title="Spanish property bubble">Spanish property bubble</a> (1985–2008)</li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> (1986–1990)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a> (1995–2000)</li> <li><a href="/wiki/Baltic_states_housing_bubble" title="Baltic states housing bubble">Baltic states housing bubble</a> (2000–2006)</li> <li><a href="/wiki/Irish_property_bubble" title="Irish property bubble">Irish property bubble</a> (c. 2000–2007)</li> <li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2000–2008)</li> <li><a href="/wiki/Danish_property_bubble_of_2000s" title="Danish property bubble of 2000s">2000s Danish property bubble</a> (2001–2006)</li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">United States housing bubble</a> (2002–2006)</li> <li><a href="/wiki/Romanian_property_bubble" title="Romanian property bubble">Romanian property bubble</a> (2002–2007)</li> <li><a href="/wiki/Polish_property_bubble" title="Polish property bubble">Polish property bubble</a> (2002–2008)</li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a> (2002–)</li> <li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">Chinese property bubble</a> (2005–2011)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2005–2008)</li></ul> <ul><li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">Chinese stock bubble of 2007</a></li> <li><a href="/wiki/Uranium_bubble_of_2007" title="Uranium bubble of 2007">Uranium bubble of 2007</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2008–2014)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2008–)</li> <li><a href="/wiki/Corporate_debt_bubble" title="Corporate debt bubble">Corporate debt bubble</a> (2008–)</li> <li><a href="/wiki/Australian_property_bubble" title="Australian property bubble">Australian property bubble</a> (2010–)</li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a> (2011–)</li> <li><a href="/wiki/Everything_bubble" title="Everything bubble">Everything bubble</a> (2020–21)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a class="mw-selflink selflink">Carbon bubble</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Social_media_stock_bubble" title="Social media stock bubble">Social media stock bubble</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li> <li><a href="/wiki/Higher_education_bubble_in_the_United_States" title="Higher education bubble in the United States">U.S. higher education bubble</a></li></ul> </div></td></tr></tbody></table></div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;flex:0 1 auto;padding:0.15em 0;column-gap:1em;align-items:baseline;margin:0;list-style:none}.mw-parser-output .portal-bar-content-related{margin:0;list-style:none}.mw-parser-output .portal-bar-item{display:inline-block;margin:0.15em 0.2em;min-height:24px;line-height:24px}@media screen and (max-width:768px){.mw-parser-output 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