It’s a valuable middle way as no ‘brown’, carbon-emitting company can change its colours overnight
If this week is anything to go by, 2021 will be the “Year of Green”.
On Tuesday, BlackRock said it will demand that all companies demonstrate plans to reach carbon zero by 2050. That same day, attendees at the virtual World Economic Forum issued pious climate pledges.
On Wednesday, Mark Carney, former Bank of England governor, and Bill Winters, head of Standard Chartered bank, pledged to turbocharge the carbon offsets market. US president Joe Biden also suspended the issue of new oil and gas drilling permits on federal land.
Meanwhile, ExxonMobil, America’s largest oil major, is considering further cuts to fossil fuel investments and more spending on sustainable technologies. This shift, which comes as the company is under pressure from activists, is arguably the most startling of all. Exxon has hitherto been so defiantly wedded to fossil fuel that it has been a top target of environmentalists.