ExxonMobil’s credit rating downgrade with Standard & Poor is more proof that the global economic winds are shifting away from oil. After almost a hundred years of confidence in the company’s ability to turn a profit, a consistent drop in the price of crude over the last two years has caused investors to turn tail. Furthermore, overdevelopment of new projects has caused the company’s debt to double. Many people see this as a true canary in the coalmine for the oil industry. Even though this decision was made mostly on the back of the financial details, there is no question that climate change has played a role. The market is beginning to recognize that green is the future, and that investments in fossil fuels is a losing trend.
Earlier this year, a report was released that revealed that responsible investments were more profitable, and more stable over the long term, than non-responsible ones. If more people become educated about the benefits of turning investments away from non-renewables, who knows how the market, or the economy as a whole, can change for the better in the transition away from carbon dependency.