Venture capital groups and start-ups are in a better position to take the big risks needed for tech advances in the chase to cut carbon emissions says one expert.
Azad Hessamodini, president of consulting at engineering services group Wood, says disruption will come from outsiders.
He says video rentals giant Blockbuster, which spurned a chance to buy streaming service Netflix in its infancy, later collapsed.
Irtiza Sayyed, executive from ExxonMobil’s Asia-Pacific Low Carbon Solutions unit, says his group is investing heavily and aims to be a leader.
The big oil and gas giants should leave it to venture capitalists, entrepreneurs and start-ups to pump vast sums of money into the race for new technologies to speed up cutting carbon emissions, and then buy the successful ones once they have proven themselves.
Azad Hessamodini, executive president of consulting at Wood, a global engineering services group with 38,000 staff, says the truly groundbreaking technologies in the transition to a greener economy will come from disruptors outside the mainstream.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
