by Gerson Freitas Jr and Vanessa Dezem, Bloomberg
Investors are ditching natural gas and fossil fuels in order to invest in renewable energy such as solar and wind:
- Environmentalist push-back on dirty energy investments has put fossil fuel valuations at a tipping point
- For the first time in about a decade, local gas distributors indices are selling for less than electric utilities in relation to their projected earnings
- With more cities adopting natural gas bans and countries looking to cut their emissions, the natural gas industry is bound to decline
Natural gas is a fossil fuel, and its largest component is methane. Leaky pipelines and old gas distribution systems in communities all over California have led to a steep rise in methane emissions, which are 84 times more powerful than carbon emissions. For a climate-safe future, we will have to electrify all the systems in our buildings that are currently gas-powered (heating, water heating, and cooking), as well as phasing out gas-powered vehicles in favor of electric ones (and reducing the total number of vehicles).