Former BP CEO John Browne
Transition investment falling short – Browne
Annual investment only about a third of required levels as risks deter investors, say former BP chief and chair of Beyondnetzero
Investment in the energy transition is languishing at only about a third of the level needed for it to succeed and looks unlikely to accelerate in the near term, former BP CEO John Browne told the FT’s Energy Transition Summit today. Browne, who now chairs Beyondnetzero, a climate growth equity venture managed together with US private equity firm General Atlantic, says capital should be flowing into the transition at a rate of at least $3.5tn/yr to meet the world’s climate goals. But it is falling short of that level for reasons that include commercial risk, technological readiness and infrastructure capability. “I want this transition to take place, but it needs a lot of investment, and th
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