Journal
THIRD WORLD QUARTERLY
Volume 39, Issue 3, Pages 436-453Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/01436597.2017.1387477
Keywords
Carbon budget; climate change; developing countries; fossil fuels; stranded assets; stranded resources
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Under the Paris Agreement, 80% of all proven fossil fuel reserves become stranded resources and investments already made in such resources turn into stranded assets. Much of the existing literature focuses on equitable burden sharing; only a few articles examine the risks for developing countries that invest in new fossil fuels. Hence, this paper addresses the question: What are the risks of investing in fossil fuels for developing countries? In doing so, it examines Kenya, a prospective fossil fuel producer, and China, an investor in fossil fuels. In terms of short- to long-term risks, ignoring new fossil fuels and investing in renewables is favourable and politically, socially, ecologically and economically more rewarding, not least because latecomers to development run the risk of having to compensate investors when new fossil fuel assets strand prematurely and become unrecoverable.
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