“There are two things that need to happen in this world. Number one, we need to accelerate the energy transition. And number two, that transition needs to be orderly. It needs to be orderly, because if it’s not, supply and demand get out of whack, you get what happened last year. Prices will skyrocket, and people around the world will be dealing with a cost-of-living crisis. We’re doing both—accelerating the energy transition, and ensuring the transition is an orderly one.

“In 2019, we spent 3% of our investment outside of oil and gas. Last year, we spent 30%. We went from 3% to 30% in three years…That number will be 40% in two-years’ time. That number will be 50% in 2030.

“We’re also investing in today’s energy system, which is an oil and gas system, so that we can make sure that people have the energy that they need at their fingertips, and to help make sure that it’s as affordable as possible.”

I asked him what it will take to convince a skeptical public—and media—that the company is serious in its intentions to drive the transition to a net zero economy.

“People will not judge us on our words, they will judge us on our actions… People will believe us when they see us building out solar facilities, when they see us building out hydrogen, when they see us buying (biogas producer) Archea for $4 billion… While I understand that people are skeptical, I would encourage people to look at the facts.”

You can listen to Ellen McGirt’s and my interview with Looney next week on our podcast Leadership Next, on Apple or Spotify. It’s worth listening to: he is a passionate advocate, and talked revealingly about the roots of that passion in his personal history. In the meantime, check out our interview with social entrepreneur Wemimo Abbey, who grew up in the slums of Lagos, Nigeria, and founded a unicorn company, Esusu, that helps people build credit scores by recording their rent payments.

More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

TOP NEWS

Disney cuts

With Bob Iger back in charge, Disney is about to engage in a major restructuring, with 7,000 jobs going in an effort to reduce costs by $5.5 billion. With activist investor Nelson Peltz hassling the board, Iger is under pressure to make the Disney+ streaming service turn a profit, and Disney will now “re-establish the direct link between content decisions and financial performance,” he said. Shares rose 5.7% in after-hours trading. Fortune

Credit Suisse

Credit Suisse shares fell as much as 7% this morning after the Swiss bank reported a $1.5 billion quarterly loss—its worst since the 2008 Financial Crisis. Social media rumors about Credit Suisse’s financial health led some customers to withdraw their funds in the last quarter of 2022, and analysts have been surprised by the amount of outflows. Restructuring costs will mean more losses this year, the bank warned. Financial Times

Starlink’s limits

Elon Musk’s SpaceX has limited Ukraine’s ability to use the company’s Starlink satellite-communications dishes for targeting Russian positions with drones. It’s unclear what exact steps SpaceX has taken to do this, but president Gwynne Shotwell said the systems—donated early in the war—were “never meant to be weaponized,” and were only supposed to be used for communications. BBC

AROUND THE WATERCOOLER

The new Bing is out. A Microsoft exec weighs in on how it will make money, by Jessica Mathews

A robot’s $100 billion error: Alphabet shares tank after its ChatGPT rival makes a mistake in its very first ad, by Tristan Bove

Sharing your Netflix password? Be prepared to pay almost 50% more, by Nicholas Gordon

Deadly Texas Tesla crash mystery solved, by Associated Press

Chobani yogurt’s founder is a self-made billionaire and a Turkish immigrant—Now he’s promised $2 million for the country’s earthquake relief, by Prarthana Prakash

This edition of CEO Daily was edited by David Meyer.