The fossil fuel industry risks losing $33 trillion in revenue during the next 25 years as global warming could drive companies to leave oil, natural gas and coal in the ground, according to a Barclays Plc energy analyst. Government regulations and other efforts to cut carbon emissions inevitably will slash demand for fossil fuels, jeopardizing traditional energy producers, Mark Lewis, Barclays's head of European utilities equity research, said July 11 during a panel discussion in New York on financial risks from climate change. His comments are part of a growing chorus calling for more transparency from oil and gas companies about how their balance sheets could be affected by the global shift away from fossil fuels. As governments adopt stricter environmental policies, there's increasing risk that companies' untapped deposits of oil, gas and coal could go unused, turning valuable reserves into stranded assets of questionable value. "There will be lower demand for fossil fuels in the future, and by definition that means lower prices" Lewis said.
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