Climate Crisis: Oil Companies and Parent Company

climate crisis: The world's biggest contributor to the climate crisis had been valued at more than Apple and Facebook previously the world's most valuable and fifth-most valuable companies respectively combined, according to The Guardian. It is also twice the size of Amazon and Alphabet, Google's parent company, and bigger than the next five listed oil companies put together. Shares in the Saudi state-backed oil company defied Aramco's critics by climbing nearly 200bn above the 1.7tn valuation set before its market debut on Riyadh's stock exchange. The record market listing is expected to keep rising on its second day of trade on the Tadawul stock exchange on Thursday after Aramco's share price surge was capped at 10% under rules designed to safeguard market stability. The Saudi state has raised 25.6bn through the float, which is regarded as the biggest single injection of capital into the fossil fuel industry, despite growing concerns over the climate crisis and the need to create a sustainable global financial system. More than 5 million investors have put aside concerns over the company's close ties to a state associated with human rights abuses, and an uncertain future for the global oil industry, to buy 3bn shares. (news.financializer.com). As reported in the news.