"Climate regulations could cost fossil-fuel firms trillions."

Washington Post: Headline: Climate regulations could cost fossil-fuel firms trillions. Should they be worried? “If the world ever gets serious about addressing climate change, fossil-fuel companies could stand to lose billions of dollars — if not trillions. That’s because these firms all have vast reserves of oil, gas, and coal that would need to stay in the ground in order to avoid severe warming.” “But how likely is this scenario? Some environmentalists have argued that it’s quite plausible — in which case, up to 80 percent of listed fossil-fuel reserves are “unburnable.” In that case, oil, gas, and coal companies could be left with more than $6 trillion in stranded assets. The upshot is that there’s a massive “carbon bubble” waiting to burst.
….This debate is slowly attracting a wider audience. On Thursday, the managers of 70 pension funds worth more than $3 trillion wrote a letter asking 45 of the world’s top oil, gas, coal and utility companies to explain how the possibility of climate-change regulations might affect their business.
“As long-term investors, we see the world moving toward a low-carbon future in which fossil fuel reserves that companies continue to develop may actually become a liability,” said Jack Ehnes, the head of California’s State Teachers’ Retirement System, one of the pension funds involved, which has $5.4 billion invested in major fossil fuel companies.
The signatories were largely public pension funds, including the comptrollers or treasurers of California, New York City, Maryland, Oregon, and Connecticut. There were also a few smaller private firms as well, like Rockefeller & Co. The effort was organized by Ceres, a group of investors that advocates for sustainable business practices, and the Carbon Tracker Initiative.
It’s not clear how fossil-fuel companies will respond — or if they’ll even respond at all. The pension funds in question make up only a small fraction of global investment in oil, gas, and coal. And the American Petroleum Institute has already dismissed the effort, with the group’s chief economist telling Inside Climate News, “This is either delusion or wishful thinking on the part of some folks who just don’t like fossil fuels.”