Sea level rise is posing a serious threat to the financial solvency of the world’s largest oil company, new research shows.
A report released this week from Paris-based investment group Callendar finds that water levels near some of Saudi Aramco’s critical oil refinery infrastructure could rise 5.1 inches by 2030, potentially flooding facilities and damaging equipment.
This weekend, Aramco officials announced final plans and prices for its IPO, seriously scaling back its initial valuation and saying it would offer sales of shares to mostly local brokers.
Last month, major green groups sent a letter to the heads of several leading investment banks warning that underwriting the IPO will help fire up “public outrage” as Wall Street continues to invest in fossil fuels.
Bank executives “were misled by their own greed to think that in an era of acute concern over climate change they could still make out like bandits from this deal while ignoring concerns about the Saudi government’s human rights record and its goals to expand oil and gas production,” Patrick McCully, a director at Rainforest Action Network, told The Independent.