The Principles for Responsible Investment predicts that by the year 2025 the 10 largest oil and gas companies will lose 1/3 of their value. Is this possible?
Well, let’s start with the fact that Goldman Sachs will not longer finance Arctic oil development (as reported in Vice). Or, as noted, they now represent only 4% of the stock market’s value versus 10% from a decade ago.
The point here is that notwithstanding the millions that oil and gas companies such as Exxon and others are spending misinform the public about Climate change….the market forces of the world are working against them.
It appears that we are approaching a tipping point. Even with Washington’s efforts at destroying the changes to renewable energy, the fact that we are a global economy is working to change things for the better.
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The Hidden Signs That the Oil Industry Is Heading for a Reckoning