‘Constraining oil supply is key to cutting demand’
INTERVIEW: Follow This founder Mark van Baal talks exclusively to 💥Energy Flux💥
Oil prices might be riding high on robust post-Covid demand, but don’t expect supply-side pressures to relent. Follow This, the Dutch pressure group whose climate resolutions are winning over investors, is redoubling its campaign to force international oil companies to slash Scope 3 emissions this decade. Outspoken founder Mark van Baal believes this won’t happen unless shareholders oblige IOCs to halt exploration and invest in renewables. He told Energy Flux that the onus is on Western IOCs to lead the oil industry into a post-crude future – and ignore short-term market signals along the way.
To some investors, oil is the new tobacco. ESG investing is all the rage on Wall Street. Even providing IOCs with services such as underwriting or advanced computing is becoming frowned upon – let alone financing their exploration and production activities.
Combined with insatiable demand for commodities to fuel the global economic rec…