From The Age – this story is about avoiding risk, from shares in coal, oil and gas, because their reserves are over valued by 80%. This makes all the shonky securities in GFC look like small change. Liberal stalwart John Hewson heads up a super advisory consultancy which advises divestment. Even a bank as big as HSBC reports such risk. The basis is acceptance that 80% of reserves, for just the 100 biggest private coal, oil and gas corporations, will need to stay in the ground for us to have any hope of reducing risk of exceeding 2degC Global Warming. If 80% must stay in the ground then shares are overvalued by 80%, simple as gravity.

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