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"Big Oil Backtracks On Renewables Push As Climate Agenda Falters"

"LONDON - Major European energy companies doubled down on oil and gas in 2024 to focus on near-term profits, slowing down - and at times reversing - climate commitments in a shift that they are likely to stick with in 2025.

The retrenchment by oil majors comes after governments around the world slowed the rollout of clean energy policies and delayed targets as energy costs soared following Russia's full-scale invasion of Ukraine in 2022.

Big European energy companies that had invested heavily in the clean energy transition found their share performance lagging U.S. rivals Exxon and Chevron, which had kept their focus on oil and gas.

Against this backdrop, the likes of BP and Shell this year sharply slowed their plans to spend billions on wind and solar power projects and shifted spending to higher-margin oil and gas projects."

Ron Bousso reports for Reuters December 27, 2024.

Source: Reuters, 01/02/2025