Who Pays the Price for Stranded Energy Assets?

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A climate economist looks at the impact that the stranding of fossil fuel assets may have on communities, and at policies that might mitigate economic hardship. --- As pressure builds to decarbonize the global energy system, much of today’s energy infrastructure is becoming obsolete. Over the past decade more than half of the coal fired power plants in the United States have closed as coal generation has been replaced by natural gas and renewables, while coal plants elsewhere, such as in China, increasingly operate at a financial loss. The value of certain fossil energy reserves has fallen too. The stock market decline of major energy companies such as ExxonMobil, once the most valuable…