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Energy transition ahead-I: How to deal with it?
May 30: As oil prices rise, it is very easy for an oil company to lose perspective the dramatic and far-reaching changes in his business environment triggered by the advent of renewable energy.
8Historical evidence seems to indicate that energy transitions are slow but this particular current transition may be much faster.
8This transition is being managed and coordinated through government policy aimed at decarbonization and reducing air pollution, whereas past transitions happened mostly naturally or accidentally without strong policy support.
8This means that the drivers of the current transition are fundamentally different from the past transformations and this induces uncertainty about how events could unfold.
8The transition this time around will be faster and quicker than anything that has happened before.
8For an oil company, moving beyond its core business is highly risky but at the same time a ‘wait-and-watch' strategy can be extremely costly.
8In this perspective, find out more about what strategies can an oil company adopt to be future ready
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