Stock Market Doubles Down on Fossil Fuels Despite Climate Warnings
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The stock market is focused on short-term profits, not long-term climate change warnings. Oil companies like Exxon and Chevron are acquiring more oil reserves.
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Clean energy stocks have crashed recently despite urgent climate warnings. Solar, wind, and geothermal stocks are down 30-60% in the last 1-2 years.
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Oil companies are doubling down on fossil fuels. Exxon is acquiring a major shale company and Chevron is buying Hess for billions to expand oil operations.
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Renewable companies are struggling with high costs and waning consumer enthusiasm as interest rates rise. Many wind and solar projects are being canceled or face trouble.
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The stock market favors profitable oil companies over unprofitable clean energy for now. But markets can be short-sighted and shouldn't guide the future.