Top Five Reasons Fossil Fuel Companies Should Diversify into Renewables Now
According to Amory Lovins a consultant to Shell Oil for the past 45 years and Chief Scientist and Co-founder of the Rocky Mountain Institute, little attention is being paid to the work that traditional energy companies are doing in the renewable energy industry.
“I think a lot of groups promoting efficiency and renewables are so busy working with innovation and insurgency in the business world that they don’t pay enough attention to the incumbents,” he said during an interview at Shell’s Powering Progress Together forum in Detroit, Michigan at the end of April.
“It’s like a yin-yang balance,” he said, jokingly adding that if you aren’t part of the problem, how can you be part of the solution?
However, fossil fuel companies are well-equipped with the skills and expertise to transition into new business lines, he said.
“These are companies with immense and unique skills, some of which will be useful for a long time.”