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.
“Backtracks,” as if it were ever sincere. I guarantee you BP planned to spin that off the second it became possible to do so. How would any of that have helped them as companies? Of course all they really care about is fossil fuels.
They tried renewables, saw that profit margins were not the same as with oil, and backtracked.
Knew that profit margins were not the same as with oil. They always knew that.
Yeah, whatever green energy shit they did was just PR. Basically telling governments they were working on pivoting away from fossil fuels, so no reason to regulate them or anything.