Renewable energy expert says the world’s energy transition is here to stay despite recent surge in oil prices

Renewable energy expert says the world’s energy transition is here to stay despite recent surge in oil prices

Francois Austin leads the Global Energy Practice at Oliver Wyman and is an expert on the Mobility and Climate & Sustainability Platforms with the Oliver Wyman Forum.

Austin reflects on how the pandemic and the resultant price drops in oil have impacted the global focus on renewable energy.

Because of his work, Business Insider named Austin to our annual list of the 10 leaders transforming energy in Europe.

Visit Business Insider's Transforming Business homepage for more stories.

Oil company stock prices jumped more than 10% since Pfizer announced its vaccine breakthrough, amidst hopes that life will soon return to normal. So does this mean oil giants will swing back to producing more oil and abandon renewable energy? 

No, not at all. Even if the industry wished to turn back the hands of time, it can no longer afford to. The starting gun has been fired. Reducing greenhouse-gas emissions is no longer an issue for academics, governments, and activists. Oil companies' customers, bankers, and investors are increasingly committed to a lower carbon world.  More than 1,000 of the world's most major corporations, along with 22 regions, 452 cities, and 45 of the world's biggest investors have signed on to the United Nation's Race to