Had an interesting conversation at City Market. At the checkout I said, “The good news is that billions of dollars are flowing into a new energy economy. The response was, “We are all going to pay for it”, meaning a lot of government subsidies, and then the clerk promptly walked away. Too bad we can’t listen to each other without assuming the worst.
I wasn’t talking about the kind of government subsidies that the fossil fuel industries rake in. I’m talking about private investment money flowing like a river away from fossil fuels, and other unsustainable companies to companies on the leading edge of sustainability. Think Tesla, Facedrive, Alphabet, and Nvidia.
Big and smart money is now investing in long term sustainability. ExxonMobile used to dominate the world, but since 2014 it has lost $266 billion of market capitalization, and it’s been losing money, and shareholders are telling the board to diversify (read solar and wind). Sustainable stocks are leading the market. Fossil fuels are so last century.