How to transform a fossil fuel business for the energy transition

illuminem summarises for you the essential news of the day, reviewed by our editorial team. Read the full piece on World Economic Forum or enjoy below:

🗞️ Driving the news: The energy transition is forcing fossil-fuel companies to rethink not only what they produce, but their entire business models
• The World Economic Forum highlights Ørsted and Moeve as examples of companies shifting from fossil fuels toward offshore wind, green hydrogen and second-generation biofuels

🔭 The context: Ørsted transformed from a heavily fossil-fuel-based utility into a predominantly renewable company: its generation mix moved from 85% fossil fuels in 2006 to more than 99% renewable today
• Moeve, formerly Cepsa, has sold more than 70% of its oil production business and plans to invest up to €8 billion in its transition strategy through 2030

🌍 Why it matters for the planet: The examples show how corporate transformation can redirect capital and infrastructure toward lower-carbon energy while reducing dependence on imported fossil fuels
• The article also stresses that renewable electricity alone cannot decarbonize sectors requiring high-temperature heat and energy-dense fuels

⏭️ What’s next: Success will depend on access to capital, permitting, grid connections, predictable regulation and partnerships across supply chains
• The authors argue that collaboration between companies, suppliers and policymakers will be essential to scale emerging clean technologies

💬 One quote: “Our business will be more valuable in the future if we provide integrated solutions to Europe’s existential competitiveness, security and decarbonization challenge,” says Moeve CEO Maarten Wetselaar

📈 One stat: 18% — wind’s share of total EU electricity generation in 2025, making it the bloc’s second-largest electricity source

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