Summary

In 2024, major European energy firms like BP, Shell, and Equinor scaled back investments in renewables, prioritizing oil and gas for short-term profits amidst high energy costs and geopolitical instability following Russia’s invasion of Ukraine.

BP spun off most offshore wind projects, Shell exited major power markets, and all three reduced low-carbon spending by 8%.

This retrenchment worsens climate concerns as global carbon emissions hit record highs.

The sector faces further uncertainty in 2025, with rising U.S. oil production, Chinese demand shifts, and the potential rollback of green policies under Trump’s presidency.