All organizations must cope with future uncertainties. These
uncertainties affect the strategic choices they make. They must
commit scarce organizational resources to future outcomes which
they have little assurance will come into being. Marcus explores
how decision makers in the energy industry made choices in the face
of such uncertainties, specifically examining two major
uncertainties they confronted in the 2012-18 period - price
volatility and climate change. Marcus tells the story of how
different companies in the integrated oil and natural gas sector
and in the motor vehicle sector responded to these uncertainties.
In the face of these challenges, companies in the energy industry
hedged their bets by staking out paradoxical or contrasting
positions. On the one hand, they focused on capturing as much gain
as they could from the world's current dependence on fossil fuels
and on the other hand they made preparations for a future in which
fossil fuels might not be the world's dominant energy source.
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