Oil firms should separate fossil and low-carbon businesses – Browne
World undergoing disorderly energy transition that could be delayed by spiking fossil fuel prices, says former BP CEO John Browne
Oil and gas companies should take bolder steps to separate their low-carbon and fossil fuel businesses, former BP CEO John Browne told an energy event today. Browne, who now chairs US private equity firm General Atlantic’s climate venture Beyond Netzero, says a separation of the businesses would give clarity on companies’ commitment to renewables, especially when high prices offer better returns from investment in fossil fuels. “When oil prices were last at $100/bl, oil companies diverted capital away from their nascent renewable energy businesses and actually put it back to work in hydrocarbons in pursuit of return. They maintained a rhetorical commitment to renewables but, in practice, did
Also in this section
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist