Companies, governments, and investors need to confront short-term trade-offs and make tough choices to alter the world's climate change course. The former boss of UK oil supermajor BP has said around £2.7 trillion needs to be invested in sustainable financing every year for the next decade to limit climate change damage.
Lord Browne of Madingley, who led the oil giant for 12 years until 2007, said the energy transition will pivot the world from a period of “climate crisis into climate correction”. The ” huge but achievable” investment target, Madingley contended, would be used for clean energy developments as well as building up natural offsetting projects like major forests and mangroves. Madingley oversaw what has been described as BP’s “golden period of expansion and diversification,” which included headline mergers with US-based petrol and gas station operators ARCO and Amoc