Nobody ever said transitioning to renewables was easy. The Wall Street Journal details the journey of Denmark’s Ørsted AS, from a state-owned oil and gas company to the world’s largest developer of offshore wind energy. The shift was difficult, but the company’s singular focus on one business division where it had an edge – wind – is what allowed it to overcome cost and shareholder obstacles and eventually thrive, the Journal reports. Ørsted’s market cap now exceeds Occidental and Eni SpA.
Nobody ever said winning was easy, either. Engine No. 1’s activist ESG campaign against Exxon Mobil earned the hedge fund three board seats, but that’s just the beginning, says Starboard Value’s Jeff Smith. In an interview this week with Bloomberg, Smith said deeming Engine No. 1’s campaign a success will depend on whether the company accomplishes the goals set out during the campaign. Those who watched that campaign closely will have to wait some time for the final verdict.
Have a great weekend,
Mike