Oil firms should separate fossil and low-carbon businesses – Browne

World undergoing disorderly energy transition that could be delayed by spiking fossil fuel prices, says former BP CEO John Browne

Oil and gas companies should take bolder steps to separate their low-carbon and fossil fuel businesses, former BP CEO John Browne told an energy event today. Browne, who now chairs US private equity firm General Atlantic’s climate venture Beyond Netzero, says a separation of the businesses would give clarity on companies’ commitment to renewables, especially when high prices offer better returns from investment in fossil fuels. “When oil prices were last at $100/bl, oil companies diverted capital away from their nascent renewable energy businesses and actually put it back to work in hydrocarbons in pursuit of return. They maintained a rhetorical commitment to renewables but, in practice, did