Fossil fuel giants face ‘climate stress test’ call at UN summit

The world’s 48 leading fossil fuel companies will be asked to run a ‘climate stress test’ at a summit hosted at UN Headquarters in New York on Wednesday. Fund managers and investors attending the meeting want oil and gas majors to assess how compatible their assets are with global efforts to avoid dangerous levels of warming.

US low carbon business group CERES, which runs a network of investors worth $12 trillion, is organising this week’s event. Its chief Mindy Lubber said the financial risks associated with a carbon ‘bubble’ of fossil fuel reserves that cannot be burnt was starting to concern experts, prompting the move to call for more transparency from the fossil fuel industry.

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