We are living in a carbon bubble with trillions of dollars held in oil, gas, and coal assets that would be wiped out before long as technological advancements in all sorts of industries quickly undermine fossil fuel demand. This is the gist of a recent study led by the University of Cambridge, which involved macroeconomic simulations, with the researchers concluding we are on the brink of a much worse financial crisis than the one from 2008 as between 1 and 3 trillion worth of fossil fuel investments turn into stranded assets. For context, the authors note that the 2008 crisis was sparked by losses to the tune of US$250 billion. The fast pace of technological progress in renewable energy and elsewhere that is producing higher levels of energy efficiency is the driver of the crisis. To avoid it, the study authors say, the world needs to deflate the bubble […]