Even the 2.5% of the global oil and gas industry’s capital spending currently investing in renewable energy is resented by shareholders. BP was threatened by a hedge fund for depressing its share price by this “irrational” spending.
Lacking any moral framework, this shareholder model demands government regulation to behave responsibly.
It is likely that a Trump victory at the end of this year will leave one of the world’s largest economies expanding its fossil fuel sector, cutting back every limit on carbon energy and stripping incentives promoting clean energy. Any regulation mitigating the immorality of shareholder capitalism will be stripped away. It is possible that China or India might step into a gap left on the global stage by America, but the damage to international cooperation will be extensive.
The world’s fate might rest on this election.
olddogthoughts 