Does climate change mean oil company valuations are too high?

Much of the oil in the ground may never be burned, if the world's temperature continues to rise. What effect will this have on traditional oil and gas players, and where else can investors look?

Energy is an essential input into global economic activity and thus attracts significant investor interest, but there is now incontrovertible scientific consensus that the burning of fossil fuel is warming our planet, leading to serious climate change.   This is widely accepted to be one of the greatest risks facing the global economy over the next 30 years. Climate change will impact property, the insurance sector, and agriculture, as well as the direct and more obvious risks to the energy sector. The issue of investing in traditional energy, or fossil fuel companies, raises a major ...