Buffett's Cut In EV Investment -Most Important Climate News 7.24.24

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Investment legend Warren Buffett cut his investment in China’s EV company BYD. It has dropped below 5%, according to SEC documents. His holdings were once almost 40% of BYD. According to The Wall Street Journal, the drop may be because Buffett wants to concentrate his investment in US companies. Climatecrisis247 believes there may be another reason for Buffett to sell. That is, he wants to lock in profits. BYD’s stock has risen by 372% in the last five years, while the S&P 500 has increased by only 84%. Nevertheless, that is well under the 1,520% rise in Tesla’s share in the same period.

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BYD is expected to become the leader in worldwide EV sales. Tesla has that distinction now. According to a Bloomberg forecast, “BYD Co. may eclipse Tesla Inc. in annual electric vehicle sales this year as demand surges in China but stalls in the US and Europe, according to Bloomberg Intelligence.” Earlier, Bloomberg forecast Tesla would be No.1 for another five years. Climatecrisis247 believes that Tesla’s recent earnings show a slowing revenue growth rate. BYD’s growth will be mainly because of its home market of China, which is the largest car market in the world by far. BYD has also started to expand into the EU and is expected to do the same in Southwest Asia and South America. BYD is still mostly locked out of the US because of tariffs. Cheap EVs may be what saves the industry.

World Economic Suggestions

The World Economic Forum has issued a new report on climate change titled “Why Asia’s future hinges on a collective approach to sustainable finance.” The report focuses on the effects on productivity and healthcare outcomes, the science of slowing global warming, and the need for capital to support green fuel sources. The suggestions come from the Philanthropy Asia Summit 2024. Its CEO, Lim Seok Hui, commented, “The rapid acceleration of the climate crisis poses a fundamental threat to human health that impacts millions. The rapid acceleration of the climate crisis poses a fundamental threat to human health that impacts millions.” Climatecrisis247 believes that plans to help Asia’s climate change problem are too little too late. Global warming has already radically altered weather and has done so in areas with huge populations. The nations in the region do not have the capital to help control the problem and have also shown little effort to do so. Extreme heat has already hit one billion people.

World Wildlife Federation Suggestions

The World Wildlife Federation has issued a report titled “Breaking the wrong records.” According to the report, “With storms increasing in number and severity, with temperatures rising to unsupportable levels, with more flooding and more sea level rise and saltwater encroachment, we’re seeing more and more records getting broken.” Climatecrisis247 believes that while the list of records broken is interesting, it offers no solutions.