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Oil Industry Must Prepare For Future Without Oil, CEOs Say – Law360

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Law360 (March 1, 2021, 7:44 PM EST) — Global oil giants including Royal Dutch Shell PLC and BP PLC on Monday reaffirmed their decarbonization pledges and company executives said the industry must eventually shed its roots and embrace other forms of energy amid global pressure to tackle climate change.

Both Shell and BP have said they’re aiming to become net zero carbon companies by 2050. And that means gradually shifting their investment dollars away from traditional oil development and toward climate-friendly technologies including renewable energy, electric power, hydrogen, carbon capture and energy efficiency.

“You can’t get to net zero by just taking the carbon out of making hydrocarbons,” Shell…

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