ExxonMobil and Shell are to be congratulated for recently injecting a much-needed degree of transparency into the argument.

Carbon Tracker, the financial think-tank that I chair, has stimulated much of this debate with a series of reports since 2011. We argue that significant elements of fossil-fuel resources are at risk, particularly if policymaking continues to focus on a 2°C global-warming ceiling, and that capital expenditure planned for developing these resources is in danger of becoming money wasted.

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