These people are cretins

Environmental groups have warned the banks linked to Saudi Aramco’s planned market float that they risk financing the destruction of the planet by supporting the public listing of the world’s biggest oil producer.

The eight green groups, including Oil Change International and Friends of the Earth, warned that the world’s largest IPO would be “the biggest single infusion of capital into the fossil fuel industry” since global governments signed the Paris climate accord in 2015.

There is to be no infusion into the fossil fuel business. The Saudi state is to sell some portion of the company it owns, Aramco. Not, Aramco is to sell new shares in Aramaco.

This puts no more investment into fossil fuels than Legal and General divesting itself of BP shares by selling them does.

Actually, if the Saudis sold all of Aramco that would be them divesting from fossil fuels and you’d have to praise them then, wouldn’t you?

4 comments on “These people are cretins

  1. For someone who constantly pulls up the dead tree media for the failings of their subeditors, you make a lot of typing mistakes.

  2. ‘the biggest single infusion of capital’

    Aramco is not capital limited. Their production is constrained by the market. So, even if true, it would make no difference to what they do.

    ‘Environmental groups’ is becoming a slur.

  3. Jim: Rule of Pendantry?

    Also, this rather makes Tim’s point. He doesn’t have any sub-editor, just him typing away. The mainstream media make a point of being professionals with, according to they NYT, layers and layers of fact-checkers.

    A professional screwing up the job isn’t the same as a hobbyist making typos.

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