Stories by Ben Geman

Saudi Aramco's shrinking IPO

President and CEO of Saudi Aramco Amin Nasser (left), and Aramco's chairman Yasir al-Rumayyan (right).
President and CEO of Saudi Aramco Amin Nasser (left), and Aramco's chairman Yasir al-Rumayyan (right).

Saudi Arabia's decision to abandon a $2 trillion valuation for the Aramco IPO underscores hurdles facing Crown Prince Mohammed bin Salman's plans to use the company as a tool for diversifying the kingdom’s crude-reliant economy.

Driving the news: ICYMI, over the weekend Aramco announced preliminary pricing on the offering that signals an estimated valuation of the world's largest oil-producing company in the $1.6–$1.7 trillion range.

Filling in the blanks on the Green New Deal

Illustration of a fist tightly clenching a wind turbine
Illustration: Sarah Grillo/Axios

Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) on Thursday unveiled a 10-year plan to spend up to $180 billion to decarbonize and overhaul the nation's public housing.

Why it matters: The lawmakers are calling the proposed bill the first attempt from Green New Deal sponsors to begin adding legislative details to the sweeping concept.

European Investment Bank says no to gas

Workers are standing at the construction site of the receiving station of the Nord Stream 2 Baltic Sea pipelin
Workers are standing at the construction site of the receiving station of the Nord Stream 2 Baltic Sea pipeline in Mecklenburg-Western Pomerania, Lubmin. Photo: Stefan Sauer/picture alliance via Getty Images

The European Investment Bank has decided to end all financing for fossil fuel development by the end of 2021 — including natural gas projects.

Why it matters: It's the "first time any major multilateral lender has curbed lending to natural gas projects because of climate change concerns," the Financial Times reports.