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.