The energy transition has triggered “great upheaval” in the financial sector as traditional business models for fossil fuels have been disrupted but there remains abundant capital available for low-carbon and renewable investments, according to a prominent industry consultant.

Michael Liebreich, founder and chief executive of consultancy Liebreich Associates, told the ONS 2020 digital conference that the push by European majors BP, Shell, Total, Equinor and Repsol to achieve net-zero carbon dioxide emissions targets by 2050 has been driven mainly by investor pressure for greener portfolios.