Oct 9, 2020
World’s biggest wind and solar producer now worth more than ExxonMobil
Posted by Kelvin Dafiaghor in categories: energy, sustainability, transportation
Renewable energy is now richer than the Oil industry.
In yet another sign of the pace of the global energy transition – and the massive switch taking place in the investment community – the market value of company that describes itself as the world’s biggest producer of wind and solar power, US utility NextEra, has overtaken that of what used to be the world’s most valuable company, oil major ExxonMobil.
The flip occurred last last week, when NextEra overtook ExxonMobil to become the largest energy company in the US by market value. As Forbes reported, an investment in NextEra a decade ago would have delivered to return of 600 per cent, while an investment in ExxonMobil would have returned minus 25 per cent.
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