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- Bruce Niemeyer
The oil and gas industry remains at the center of the energy transition discussion, with growing attention from policymakers, capital markets, and the public. In response, the oil and gas industry has emphasized low-carbon strategies. Although most are implementing an energy transition strategy, there are significant differences in pace, portfolio choices, and scale. Stated targets and strategies for Scopes 1, 2, or 3, raise concerns from the industry, governments, and capital markets. Capital reallocation away from traditional oil and gas business has potential implications for energy security, supply, and prices. While investors demand transition progress, recent share price performance does not indicate correlation between low-carbon strategies and investor interest. How can the oil and gas sector participate in—and contribute to—the energy transition? What do low-carbon strategies look like for oil and gas companies, and how are companies allocating capital? Amid the recent rise in commodity prices, will companies change course and reemphasize oil and gas in their portfolios? Could underinvestment in oil and gas delay transition to a net-zero economy by constraining supplies/raising prices of necessary materials?