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?