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The Future of the International Oil Companies: Creative Destruction or Green Reincarnation?

February 24 @ 11:00 am - 12:30 pm

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A presentation by the 1818 Society Energy Thematic Group


The international oil companies (IOCs) battled dual disasters in 2020.  First, the lock-downs resulting from the Covid pandemic caused a drop in demand that precipitated a 70% fall in oil prices. Second, spreading concerns over climate change caused major shareholders to divest. In response, most IOCs have announced plans to cut emissions and invest more in renewables.  But can this succeed or are the markets and the public already set on a course to shift their resources to new and greener competitors in a classic case of ‘creative destruction’ of an industry caught on the wrong side of history?

Speaker: Dame Deanne Julius

Dame Deanne Julius is an international economist and founder member of the Bank of England’s Monetary Policy Committee.  She has chaired the Council of Chatham House and University College London (UCL).   She holds a Ph.D in economics from the University of California and her early career was with the World Bank. She later became chief economist at Shell and then at British Airways.  More recently, she has been a non-executive director on the corporate boards of BP, Roche, Deloitte, Lloyds Bank, Serco and Jones Lang LaSalle.  She has also served on the advisory boards of Temasek, the China Investment Corporation, Chatham House Panel of Senior Advisors, and Rock Creek Global, a Washington based investment firm.  For more information, please visit her website, http://deannejulius.com/

Moderator: Michael Gillette



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February 24
11:00 am - 12:30 pm




The 1818 Society – Energy Thematic Group