"Firstly, the numbers no longer add up in the old fossil fuel model. The costs of new acquisitions become unmanageable in a system that feasts on debt. Secondly, costs in solar and the vital link of a green energy system, battery storage, are plummeting while the sector offers attractive, reliable rates of return to investors. The Swiss bank UBS famously predicted the rapid “extinction” of the old fossil fuel system as battery costs as much as halve over the next five years.
And, finally, there is movement internationally on climate policy. “We are now in danger of winning the carbon war,” says Leggett. ”Would I like to be running an oil company now? Defending their case is becoming untenable.”"