According to a finance expert, prudent businesses keep one foot in the depreciating assets that pay high income while they put the other foot into a new market, where the cost of access may be high, but where they want to have a forefront position relative to competition.
Cash-rich companies, such as fossil-fuel providers, often do some version of this. The PR around taking a progressive step may be greenwashing, but deep down it's just business to get a toe-hold in a next-generation market. The coal, oil and gas companies have the capital to move into solar and wind more aggressively, but they are on a teeter-totter between income and long-term investment.
Give energy companies more and bigger incentives (carrots or sticks) to shift their assets and we'd be over one of humps on the way to success.
If Coal India changes its name to Energy India, we'll know the weight is shifting from one foot to the other.
I cross posted at Climate Progress.