At Oil Industry's Big Summit, Uncomfortable Truths Creep In - Bloomberg:
Right from the start of London’s biggest gathering of oil traders and producers, uncomfortable truths began to intrude upon the usual round of business meetings and cocktail parties.
Three climate-change protesters who glued their hands to the doors of the conference venue found that nature was making their point for them. “Why is it so warm?” one shouted to people walking in off streets that were basking in a record winter heat wave, which was causing wildfires in the north of the country.
The protest outside the InterContinental hotel on Wednesday highlighted the oil industry’s existential crisis. It is under increasing pressure to course correct and align itself to the demands of the energy transition. While Big Oil is no stranger to demonstrations at conferences, CEOs are finally acknowledging they face real consequences to their ability to retain shareholders if they don’t respond.
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