Two major Finnish pension funds with USD 108 in AUM are briskly moving further into ESG territory due to "massive risk" factors tied to climate change, thereby seeking to avoid the major losses and stranded assets that some analysts say will hollow out banks, insurers and asset managers that fail to adapt to a greener agenda.
Mol Group, which applied for permission to prospect for North Sea oil, slid by 9 percent in EBITDA last year. The Hungarian oil and gas company extracted more than expected, but challenging macroeconomic conditions tipped the balance to the firm's disfavor.
Global Gravity, which transports pipes for drilling rigs, was knocked out during the last oil price crisis. Today, the company is growing powerfully and collaborates with some of the sector's largest players.
BP aims to achieve net-carbon neutral upstream operations from 2050 and adjust much of the basis for its business. It will be tough, but it's also a fantastic opportunity, says the company's new CEO, Bernard Looney.