The oil industry is foundering,
and even traders
in futures markets are beginning to seek more buoyant ships.
Meanwhile, forward
looking companies that read the writing on the wall some time ago, such as Danish state-owned oil & gas company (Dong) morphed into a renewable
energy company (Ørsted), are now thriving despite the pandemic. See
report here.
In a recent article
in the influential Science Magazine, Daniel Rosenbloom & Jochen
Markard summarise very lucidly the global opportunity created by the current
circumstances for a rapid move to a cleaner future.
At the same time, they highlight the need not only to
avoid bailing out fossil fuel companies and industries, but also to support affected
workers and communities in the form of temporary relief, retraining, and
retirement benefits. The choice of a cleaner and more sustainable future
involves a fair and regenerative approach to human resources too.
And opinion
from within the oil industry is beginning to shift in the same direction !
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