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Investors are tired of energy transition ‘jam tomorrow’
Lex专栏:投资者厌倦了“画饼式”能源转型公司

Patience is wearing thin, no matter how visionary the strategy
无论战略多么高瞻远瞩,股东的耐心都会被消磨殆尽。
A Johnson Matthey factory in Poland. Excluding disposals, the company’s underlying business has since April 2021 burnt £135mn of cash, on estimates from shareholder Standard Investments

Should fossil fuel and industrial companies spend billions trying to build new, “cleaner” businesses? Or simply squeeze as much cash as possible from existing operations, even if they are in structural decline? This is one of the defining questions of the decade in many sectors.

化石燃料和工业公司是否应该投入数十亿美元尝试建立新的、更“清洁”的业务?还是应该尽可能从现有业务中榨取现金,即使这些业务正处于结构性衰退中?这是本十年许多行业面临的关键问题之一。

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