“Even those who are not ideological believers are taking the cues from the financial markets, which have no interest in oil production growth anymore,” said Arnold, the former head of natural-gas derivatives at Enron Corp.
He also said capital available to oil and gas has dried up while “every” private equity firm in Houston is raising money for clean energy. “The markets are rewarding those in a growth industry (zero carbon energy) vs one in secular decline.”
Arnold said the shift has made him more optimistic about the speed of decarbonization, which requires the scale and financial resources that large companies possess. “The fossil fuel industry has that expertise and is now focusing on a low carbon future.”
I have to say this is a pretty positive statement — for the environment and our species — considering the source,