As well , the crisis in Ukraine has created a sense of false security of which fossil fuel companies should be wary . Despite record profits , they should not lose sight of the challenges ahead .
Bruno goes on : “ These profits should be seen as an opportunity to fund the transformation of their business , their digital capabilities , and their culture – which many companies are already doing , especially in Europe – as opposed to being used for share buybacks .”
Ultimately , fossil fuel companies must adapt to survive . And they must also work in tandem with the renewable side of the energy industry . In his concluding words , Bruno offers a glimpse of the future , one that will bring together the dinosaur stalwart of fossil fuels and the fledgling energy sources of the future : “ The energy transition needs to accelerate , and this can only happen if all sources of energy work together , while technological advancements such as carbon capture help make fossil fuels cleaner and more sustainable and electrification takes hold .
“ For now , there is no silver bullet ; hydrogen is decades away from being able to replace fossil fuels at scale . This is a fantastic opportunity for fossil fuel companies to transform ; they are key to the transition , and they have the means to transform while having a net-positive impact .”
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