Clean energy is the future – so why are some investors still supporting the dying fossil fuel economy?
Institutional forces continue to prop up the fossil fuel economy, while both the market and public opinion are leaving it behind. This is as foolish as it is dangerous, writes Tom Steyer: 29 June 2021
As far as climate action goes, May 2021 was a big deal. The trend towards clean energy and away from fossil fuels exploded. Exxon Mobil, the biggest oil company in America, lost a proxy battle and now three climate activists will sit on its board. A Dutch court set new and stringent rules for energy companies, including Royal Dutch Shell. The German Supreme Court ordered all of Germany to step up its climate game significantly by 2030.
The trend is clear. You don’t need to be a professional investor to read these tea leaves and extrapolate these lines. The world is moving towards clean energy, the future, and away from fossil fuels, the past.
We need to move away from fossil fuels fast. We need to make the change irrevocable where there’s no bouncing back for oil and gas companies…
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