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.