Equity markets are not rewarding decarbonisation progress in corporate valuations. But deferring decarbonisation strategies would be a strategic mistake. The move towards more certain, more quantifiable, and more immediate carbon risk is inexorable. The window to avoid material value erosion will start to close. Today’s crisis could even accelerate the period in which oil and gas companies can reposition for a low carbon future. We look at the factors weighing on greening strategies and why oil and gas companies must act now to avoid longer-term value erosion.