State-run oil giants will make or break the energy transition

Climate activists love to vilify ExxonMobil and Shell. These and other private-sector energy companies have been on the receiving end of proxy battles, legal challenges and other forms of pressure to force them to dump oil and gas in favour of renewable energy and other green technologies. The supermajors certainly make for an attractive target: they have ubiquitous distribution networks, well-known brands susceptible to consumer boycotts….