Big Oil In Decline May Fund Energy Transition Better Than High-Flying Renewables

Big Oil In Decline May Fund Energy Transition Better Than High-Flying Renewables

LONDON, UNITED KINGDOM: Lord John Browne, group chief executive of British Petroleum (BP) speaks ... [+] during a press conference in London, 25 July 2006. British energy giant BP reported record high second-quarter earnings on Tuesday on the back of soaring crude oil prices and despite a drop in output. The price of BP shares slipped by 0. 16 percent to 632. 5 pence in morning deals because of reports of a feud over the departure of respected chief executive John Browne. The FTSE stock index was showing a gain of 0. 33 percent to 5, 853. 40 points. Browne would depart BP after transforming the company from a struggling organisation into the world's second-biggest oil major by market capitalisation, behind only ExxonMobil of the United States. AFP PHOTO / ODD ANDERSEN (Photo credit should read ODD ANDERSEN/AFP via Getty Images) One of the principal architects of modern Big Oil now wants to dismantle it. In a recent essay for Time, John Browne, former chief executive of BP, argues that oil and gas companies should split their low- and zero-carbon initiatives from their fossil fuel businesses from their low- and zero-carbon initiatives. "The former is rapidly growing, less capital intensive