Oil industry: "there is no clear evidence of a speculative 'carbon bubble'."

IPIECA fact sheet: “Over the past year, the concepts of ‘unburnable carbon’, ‘stranded assets’ and a ‘carbon bubble’ have been promoted by a number of groups, gaining the attention of investors, academics and the media.” “This fact sheet explores some of the assumptions involved in these concepts and puts them into the wider perspective of the energy system, recognizing the importance that oil and gas bring to modern living standards, economic growth and societal advancement. It also demonstrates how oil and gas companies acknowledge the risks posed by climate change and how they actively manage these risks.
1  The industry agrees with the need to address the challenges of climate change. The Intergovernmental Panel on Climate Change (IPCC) recently confirmed that the risks of climate change increase with increasing temperature. Although uncertainties remain, rising greenhouse gas (GHG) emissions and global temperature pose risks to society and ecosystems that are serious enough to warrant cost-effective policy responses that balance mitigation and adaptation, as well as other societal priorities.
2  Oil and gas are needed to meet increasing energy demand. The International Energy Agency’s (IEA’s) reference scenario1 estimates that, in 2035, global energy demand will be 33% higher than today. The IEA expects that 75% of this demand will be met by fossil fuels. In the IEA’s 2°C scenario, the consumption of oil in 2035 will be 13% lower than today, while the demand for gas will be around 20% higher. There is a need for new oil and gas production capacity to accommodate the projected increase in demand and compensate for the decline in production at existing fields.
3  There is no clear evidence of a speculative ‘carbon bubble’. Markets are pricing oil and gas companies rationally. This is based on their expectations of future earnings, taking into account the size and type of mineral reserves, the risks arising from future climate policies and many other factors.
Managing risks is at the core of the oil and gas industry. Oil and gas companies manage climate change risks alongside other business risks. A number of strategic tools are currently used to manage these risks, including CO2 costs in project economics.”