This is what Saudi Arabia is planning to do with its Aramco IPO as well: raise cash to fund the development of more efficient and diverse, renewable energy resources. Et tu Canada? See: Sale of oil assets fueling Denmark’s transition to green energy:
In another sign that the petroleum era is drawing to a close, Denmark is selling off its last oil company with barely a peep.
Once considered a strategic asset, on a par with national carriers or shipyards, the oil and gas division of A.P. Moller-Maersk A/S is being bought by French giant Total SA. The $7.45 billion deal is expected to be completed by 2018, pending regulatory approval.
Coming just three months after the sale of Dong Energy’s North Sea oil and gas production to German-based Ineos AG, Maersk’s move to offload its oil division has been welcomed by the government and trade unions alike…
Denmark, which is also home to Vestas Wind Systems A/S (a company that produces more turbines than any other manufacturer on the planet), now gets more than 40 percent of its electricity needs from renewable sources, according to 2015 data, and aims to reach more than 50 percent by 2020. The country’s green sector already employs about 67,000 people, double the number of workers in its North Sea industry.