2024 Top 500 ranking: 26
The present global consensus to reduce greenhouse gas emissions to net zero will require immense investment
Investment spending is not a cost but will boost activity. Costs will reflect increased production costs, taxes and regulations associated with reducing emissions.
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Heading into 2023, the consensus narrative appeared set. The Federal Reserve had embarked on an aggressive interest rate hiking cycle to combat spiralling inflation. A US recession was expected to follow, as household excess savings built up during the pandemic were exhausted and corporate borrowing conditions tightened dramatically after the benign post-global financial crisis era of low interest rates.
The US technology sector’s vigour is showing no signs of abating given 2023’s superior performance has firmly spilled into 2024. Last year the Nasdaq delivered a total return of 45% and 2024 quickly witnessed the tech-heavy index hit new highs bolstered by excitement around the tech sector, while the wider S&P 500 also reached a fresh peak.
In his 1974 children’s book, The Tiger’s Bones, the English poet Ted Hughes wrote that “Nothing is free. Everything has to be paid for.”
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