The market battle for climate supremacy heats up: Don Pittis
"As U.S. President Donald Trump's decision to withdraw from the Paris climate accord moved to its next step just after a Canadian election fought on green issues, you might think the battle over how or whether to address climate change was all politics.
But this week there have been renewed reminders that the real battle over decarbonizing the atmosphere may be happening in the world of money.
Investors, led by giant money management funds that invest for the long term, must make crucial decisions about the future of energy. And while inevitably politics plays a role in what they decide, there is only one important issue.
The essential concern for those betting their own and their clients' money is whether the investment will make more money in the long run. In other words, will the oil and gas industry continue to be a cash cow or, as some have suggested, is the sector in its sunset years?"