Gem of the day

Ken Cohen at ExxonMobil unintentionally underscores the evidence behind a huge carbon bubble in the global economy; in one of his choice proof points intended to show the benefits of the company's record profits, he instead reveals the systemic risk posed by fossil fuel reserves, which are directly and indirectly backed by millions of Americans:

  • "Public sector and teachers retirement funds hold ExxonMobil stocks in some of the biggest states in the country – New York, California, Texas, Ohio, Colorado, Alabama, Tennessee, Alaska, Michigan, Pennsylvania, Kentucky and Utah."
  • "Many more retirement funds, 401-Ks and IRAs hold shares in ExxonMobil and other major publicly traded oil companies – including those for government workers and members of Congress."
That makes me nervous.

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