Phred Dvorak of The Wall Street Journal reports on a shale CEO who is going green.
- Tony Sanchez used to run an oil and gas company but has recently made the transition to clean fuels.
- His new company, OneNexus, provides policies to oil and gas companies to give them the money they need to shut down and cap wells after they expire.
- Many oil CEOs are beginning to launch low-carbon energy ventures because it is in their best economic interest to do so.
- Free markets, not central planning or authoritarianism, will best advance innovation and clean energy.
“In the past, oil-and-gas entrepreneurs who closed one drilling venture often started another. Today, money has gotten tight for many new fossil-fuel projects in the U.S. as the productivity of wells wanes and climate-conscious investors shy away, industry executives say. Although many big fossil-fuel companies are spending billions on acquisitions to increase production, the amount of money private investors are committing to funds that invest in oil-and gas-related assets has roughly halved so far this year versus a recent peak of $102 billion in 2016, according to investment data tracker Preqin.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
