The world’s biggest oil companies are systematically over-valuing their assets based on excessively optimistic forecasts of future prices, according to a leading investor.
UK asset manager Sarasin & Partners has asked the oil companies in which it invests, BP, Shell and Total, to reveal the full risk they face should demand for crude peak as the trend towards decarbonisation grows.
Sarasin oversees almost £14bn of investments, including funds from many top charities.
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