Market debut for world’s biggest polluter must be a rallying cry for climate action
In less than a week the most valuable company in history will make its debut on a publicly traded market. Saudi Aramco is both the most profitable and the most polluting company of all time.
Its looming $1.7tn market listing is also evidence of the gaping chasm between Europe’s growing climate movement and the carbon addiction the rest of the world just cannot kick.
Saudi Crown Prince Mohammed bin Salman put in motion plans to offer international investors the opportunity to own a piece of the world’s biggest oil company in 2016, only months after governments in Paris had agreed plans to tackle the climate crisis.
Even investors wary of a future decline in demand are keenly aware that Saudi oil is some of the easiest and cheapest to produce in the world. If their investment horizons were to stretch to the day the world uses its last barrel of oil, that barrel would most likely be Saudi.
The limited listing effectively puts the world’s most polluting company beyond the reach of green campaigners, activist investors and the ESG (environmental, social and governance) codes followed by European banks.
Aramco will not face political pressure from its state owners, or even from its neighbours in the region. The threat of divestment is meaningless for Aramco.
