Prudence in a changing climate
Big oil is starting to invest in renewable energy before it is too late
In the 15 months since 195 nations created the Paris Agreement on climate change, a marked change in the way the oil and gas sector approaches the challenge of cutting carbon emissions has taken root. This shift has been encouraged not just by a steady improvement in the economics of low-carbon energy, but also by a switch in policy towards favouring renewable-energy sources. Momentum has been building in the past year in particular. The threat to established energy producers, posed by non-fossil fuel sources, is not an existential one. Low carbon energy has already changed the outlook for oil and gas demand, and will continue to do so. "Climate change is a profound challenge to the fossil f
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