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Saudi fund shifts targets to renewables and manufacturing

We asked an oil and gas man last week “why do you spend all that money on exploration when you could spend it swinging away from oil and gas to renewables?” He hummed and hawed for a bit, then said that this was how the oil companies retain their valuation. His issue was that renewable energy is not so profitable as gas deals and so this was the company’s priority. We then mentioned that if every oil company burned its reserves, we’d all be dead or dying in a 5-degree world. He didn’t know that, he said. So we made it a priority to see if any oil companies have begun to look outside at renewables, at the level they…

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