The Oil Industry Jumps On The Low Carbon Bandwagon

The Oil Industry Jumps On The Low Carbon Bandwagon

There are two main roads leading to a low-carbon future. The first involves decreasing our combustion of fossil fuels via conservation and a switch to renewable energy. The second is via the increased capture of carbon dioxide out of the air.   

Big fossil fuel providers are not in the business of decreasing the use of their products, which is why it is unsurprising that oil giant ExxonMobil



XOM





XOM

announced its plan to accelerate carbon capture and to invest $3 billion over the next five years to advance 20 new opportunities. In doing so, they unveiled an initial plan for how they can continue to operate their core business in a carbon constrained world. Theirs is just the latest in a series of responses from oil and gas companies starting to answer this crucial question.

It's easy to be cynical about oil companies aiming to reduce carbon emissions, but the truth is that many, including BP, Total and Occidental Petroleum have been moving in that direction for years.

The recently published BDO 2021 Energy CFO Outlook Survey is an annual, anonymous survey of chief financial officers across the energy spectrum including