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.
Successful case studies backing up option A are becoming fewer and farther between. The 207-year-old British industrial group Johnson Matthey’s latest transformation shows how well-meaning ideas can turn into expensive misfires — as well as the dangers of becoming a “jam tomorrow” energy transition stock.
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