Governments Need to Face Reality — the Fossil Fuel Industry Is Collapsing | The Tyee

Governments Need to Face Reality — the Fossil Fuel Industry Is Collapsing | The Tyee

Around the world there is early evidence of a seismic shift. Capital is moving away from fossil fuels, and regions that have let their economies become dependent on oil revenues are showing signs of authoritarian abuses of power. (Sound familiar Alberta?)

Saudi Arabia, for example, planned to sell up to five per cent of state-owned oil company Aramco in what was supposed to be the largest IPO in history, raising $100 billion to improve services and diversify the economy.

Instead, the sale has been scaled back. Only 1.5 per cent of the company will be sold, and the share offering may only raise $25 billion — enough to cover the Saudi government deficit for about six months.

via Governments Need to Face Reality — the Fossil Fuel Industry Is Collapsing | The Tyee

One thought on “Governments Need to Face Reality — the Fossil Fuel Industry Is Collapsing | The Tyee

  1. Reblogged this on The Most Revolutionary Act and commented:
    The market value of the U.S. energy sector is down almost nine per cent this year. The entire sector is now worth less than Apple. Exxon Mobil’s credit rating was just downgraded by Moody’s due to concerns of “substantial cash burn.” Fracking giant Chesapeake has shed 98 per cent of its stock value since 2008 and recently warned investors it may not be able to make scheduled payments on its crushing $10-billion debt.

    Liked by 1 person

Comments are closed.