Katy Lederer at n+1:
Meanwhile, Saudi Arabia’s Aramco IPO last month was the biggest in world history. Valued at nearly two trillion dollars, it is worth over 50 percent more than Apple or Microsoft. Even American billionaires like Warren Buffet and Sam Zell have gone long on continuing extraction. According to a recent piece in the Financial Times, they have been quietly buying up fossil fuel assets. “If Mr. Buffet and others are correct . . . that companies have been oversold, and are now trading at prices that imply a calamity that will not come,” the piece explains, “then the energy sector could be one of the big winners in 2020 and in the years to come.” The “calamity” the piece references is the possibility that global demand for oil and gas “falls off.”
On Sunday, December 15, after the Madrid COP finally came to a close, António Guterres, the Secretary General of the U.N., openly expressed his disappointment on Twitter.