Opponents of the Green New Deal produced by Senators Bernie Sanders and Alexandria Ocasio-Cortez point to the current demand for oil by the world. How is the world going to transition into renewable energy? This will not happen overnight. In the past few years, I have written (or pointed out in blog posts), that a slow transition is occurring in big oil companies toward the renewable energy movement.
Big oil is slowly investing in the renewable energy sectors as technology is developed, which is dependable at scale (see past posts). Further, divestment on the part of large investment firms has turned to look into sustainable investments that translate into renewable investments. Change is occurring at a slow pace. Which is sufficient for the moment.
Recently, a whole different indicator has occurred, which should stand as yet another pillar of change toward renewable energy. As the world realizes that renewable (i.e., sustainable) energy will play a larger role in the long term future, consumer demand is driving sizeable corporate investment. Not only that, but this week also marks the end of a 92 year run by Exxon Mobile on the S&P 500 stock market index.
What?
Indeed it is. The shift in perspective of outlook toward a more sustainable world has caused an actual big oil corporation to be removed from a broad stock index. The news is merely incredible. The reasoning is that the newly added tech stock more closely resembles the 'new economy.'
Nothing more needs to be said, except: The world is changing. Where will your investments and standing be during and after the transition? Stuck in the past? Or helping to usher in the new future? The news is exciting and welcome, given the amount of gloomy and depressing news that has emerged lately surrounding the Coronavirus.
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