Even if you haven’t been convinced by the rock-bottom price of oil or the divestment movement and the risks of climate change to get your money out of oil investments, you may want to pay attention to what’s going on right now with electric cars.
The age of plug-in electric cars is swiftly approaching. Chevy, Nissan, and Tesla plan to soon start selling electric cars in the $30,000 price range that can travel more than 200 miles on a single charge. Tesla’s Model S already outsells the competition in the large luxury class in the US.
BMW, Ford, Volkswagen, and virtually every other major car manufacturer are all looking to get in on the electric vehicle game too, and are investing billions. Even tech giants Apple and Google are hoping to develop the next hot electric car.
As Bloomberg puts it, “This is a problem for oil markets.”
The financial sector needs to show leadership by providing trillions of dollars for green growth projects, Patricia Espinosa, executive secretary of the UN Framework...