Fossil fuels are rapidly losing favour with investors
(Climate News Network, 15 Oct 2020) From leading the market 20 years ago the big fossil fuels companies are plunging in value, as investors turn to renewables.
Everyone has heard of ExxonMobil, one of the world’s biggest companies exploiting fossil fuels and a common target for those battling global warming and catastrophic climate change. But does the name NextEra Energy ring any bells?
In terms of stock market value, the Florida-based company – which describes itself as the world’s largest producer of wind and solar energy – has surpassed the size of ExxonMobil.
In recent days NextEra’s value on the US stock market was above $144bn (£110bn) – up more than 60% over two years.
Back in the early 2000s, ExxonMobil – a global conglomerate with more than 70,000 employees – was valued at more than $500bn (£383bn). Earlier this month the valuation was under $138bn (£106bn).