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Climate warning

Shell, BP, Total Energies: Oil companies invested only a fraction of their money in renewable energies in 2022

Shell, BP, Total Energies: Oil companies invested only a fraction of their money in renewable energies in 2022 Despite record profits, oil companies only invested a fraction in renewable energies in 2022 Despite the climate crisis, oil multinationals continue to invest heavily in fossil projects, as a new Greenpeace study shows. According to the environmental organization, the corporations are "steering the world deeper into the crisis". The environmental organization Greenpeace has accused the large European energy companies of slowing down progress in climate protection. A study commissioned by the environmental organization found that almost 93 percent of the investments made by the twelve oil and gas companies in 2022 went into fossil projects. Only around seven percent of the investments went into renewable energies. The Energy Comment study evaluated the annual reports of BP, Total Energies, Shell, Wintershall Dea and other corporations. "Oil multinationals like Shell and BP are largely to blame for today's climate crisis, and they are abusing their record profits to steer the world deeper into this crisis," said Lisa Göldner of Greenpeace. The results also showed that renewables “had a tiny share of the energy production of the twelve companies last year” at 0.3 percent. At the same time, according to Greenpeace, the companies were able to increase their profits by 75 percent. "These companies talk a lot about becoming climate-neutral by 2050, but not a single one of them has a plausible strategy for achieving this goal," said Göldner. Instead of relying on renewables or producing green hydrogen, the companies tried to "continue to make money with their dirty business". This slows down the energy transition and exacerbates the climate crisis. Shell, BP, Exxon: Oil multinationals are apparently cashing in on their climate targets. The British newspaper "Guardian" recently reported that oil multinationals have conceded their climate targets. The newspaper reported that BP had significantly revised its original target of reducing CO₂ emissions by 35 percent by 2030. Instead, only 20 to 30 percent minus should be achieved. ExxonMobil has stopped funding a prestigious project to produce low-carbon fuels from algae. Instead, CEO Darren Woods recently announced at a conference that he wants US shale oil fields to be produced within the next five years When asked, Shell said the strategy to become a zero-emission energy company by 2050 remains in place. It plans to invest between $10 billion and $15 billion between 2023 and 2025 to support further development of low-carbon energy solutions such as biofuels, hydrogen, e-mobility and carbon sequestration (CCS). However, it is assumed "that global energy demand will continue to rise and will be covered by various energy sources, including oil and gas," according to a Shell spokesman. BP said the study misrepresented the company's strategy and investments. The report's claim that 97 percent of investment goes into fossil fuels was wrong. In 2022, 30 percent of bp's investments -- nearly $5 billion -- went into non-fossil fuel businesses. These include the takeover of the large US biogas company Archaea. "Greenpeace's analysis appears to classify these investments as fossil fuel investments - that's just plain wrong," a spokeswoman said. Greenpeace called on the governments of Germany and other European countries to regulate the oil business more strictly and thus speed up the switch to renewable energies. https://www.spiegel.de/wirtschaft/soziales/shell-bp-total-energies-oelkonzerne-investierten-2022-nur-einen-bruchteil-ihres-geldes-in-erneuerbare-energien-a-5efbfb16-c272-4748-be06-381cfdc56198?xing_share=news#ref=rss

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  • Kevin

    41 w

    This is remarkably sad to say the least

    1
    • We Don't Have Time

      42 w

      Dear Patrik Lobergh Your climate warning has received over 50 agrees! We have reached out to Shell by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

      1
      • Edwin wangombe

        42 w

        These are selfish acts that clearly indicate that these companies put profits over humanity... Shame on them

        4
      • Edwin wangombe

        42 w

        Shame on them... All they do is give fake promises to justify their wrong doing...

        2
        • Patrik Lobergh

          42 w

          We should all boycott the big polluters, until they in practice have changed their policies i.e. that independent organisations can confirm this.

          2
          • Joseph Githinji

            42 w

            Shell again, always on the wrong side of climate justice history. Shell has a long way to go on matters climate action and it's time they take this matter seriously.

            2
            • Patrick Kiash

              42 w

              I detest their hypocrisy.

              13
              • Komu Daniel

                42 w

                Compared to the amount of fossil fuels they supple to the world,this fraction is a drop in the ocean

                16
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