06:49 GMT13 August 2020
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    UK Secretary of State for Energy and Climate Change explained that long-term investments in fossil fuels such as coal, oil and gas were unsafe as more countries were adopting low-carbon policies.

    MOSCOW, December 11 (Sputnik) – Investors in fossil fuels are likely to face losses because of the global low-carbon agenda and companies should be obliged to provide them with information on such risks, UK Secretary of State for Energy and Climate Change Edward Davey said.

    "I think we need to look again at rules of disclosure for big companies who have large investments in fossil fuels. I think there is a case for making that mandatory is what I am saying," The Guardian quoted Davey on Thursday as telling reporters in Lima, Peru, where a UN climate change conference is currently underway.

    Davey explained that long-term investments in fossil fuels such as coal, oil and gas were unsafe as more countries were adopting low-carbon policies. As such, investors should be informed in advance about the risks of investing in fossil fuels.

    "We are seeing a move from carbon capitalism to climate capitalism. We know with climate change we have got to move out to a low-carbon agenda and we are already seeing the signs that the market is going to be helping to drive this," Davey added.

    The UN Climate Change Conference is taking place in Lima, Peru, from December 1 to 12. Participants at the Lima talks aim to reach a proposal on a binding universal agreement on climate change, which is expected to be adopted at the 2015 UN Climate Change Conference in France.

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    Tags:
    environment, fossil fuels, climate change, UN Climate Change Conference, Britain
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