Could Oil and Gas Become 'Stranded Assets'?

Existing oil and gas projects, currently worth $1.4tn, would lose their value, if the world actually slashed carbon emissions. Most of these losses would be born by individual people, in the US and UK, via their pensions, investment funds and share holdings. Worryingly, the size of these potentially 'stranded assets' is more then $680bn. This is greater than the $250-500bn of mispriced sub-prime housing assets, that triggered the 2007-2008 financial crisis (https://www.theguardian.com/environment/2022/may/26/people-in-us-and-uk-face-huge-financial-hit-if-fossil-fuels-lose-value-study-shows). In the US and UK individuals own respectively 86 and 75% of what could become stranded oil and gas assets. This compares with China, where the government owns 80% of that country's fossil fuel assets. Consequently, it's individuals in rich nations who will disproportionately face huge financial losses, if climate action devalues fossil fuel assets. Possibly the reason why the 'pledges' of these countries are so much more impressive than their actions?