NTNU Energy Transition Podcast #84 Back to Black? Why Oil Majors Seem to Be Retreating From Renewables (with Michael Liebreich, Bloomberg New Energy Finance))
May 8, 2025
Michael Liebreich, an investor and founder of Bloomberg New Energy Finance, discusses why oil majors like Shell and BP are pulling back on renewables amid a climate crisis. He suggests this retreat is a short-term strategy rather than a complete U-turn, driven by immediate profit motives. Liebreich dives into the complexities of energy investments and critiques the narratives surrounding the transition. He emphasizes the importance of sustained financing, innovative solutions, and policy changes to enhance the appeal of renewable technologies.
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Eclectic Career Shapes Energy Insight
- Michael Liebreich shared how diverse early career experiences, from cheese to perfumes, enriched his understanding of energy and bio-processing.
- He attributes his ability to connect dots in energy transition to this eclectic background, illustrating the value of varied experiences.
Capital Flows Drive Clean Energy
- Energy investment shifted from 15% clean energy in 2004 to about 70% by 2023, indicating massive capital flow to renewables.
- Political events like US policies have little impact on global clean energy investment, which continues to grow robustly.
Energy Transition Is Complex But Real
- The energy transition is complex with no easy switch; serious engineering, policy and finance coordination is vital.
- Despite hurdles, a massive technological change towards cleaner energy is undeniable and underway globally.