World fund managers predict a fall in the value of oil companies. According to a survey published last month in the United Kingdom, climate change risks will force a lower valuation of oil company stock prices within the next five years. But despite many predictions of demise over the last 50 years, global consumption of hydrocarbon energy continues to grow.
Last month, the U.K. Sustainable Investment and Finance Association published its second annual “Not Long Now” survey, stating that “The fund management sector is clear that international oil companies will be negatively revalued within a few years because of climate change related risks.” Thirty fund managers responded to the survey, representing over £13 trillion ($17.8 trillion) in assets, including global giants such as Blackrock, Deutsche Asset Management, Fidelity International, BNY Mellon, and HSBC Global Asset Management.
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