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Energy Majors Lag in Green Transition Amid Growing Pressure

Industry: Energy & Power, Oil & Petroleum, Solar & Alternative Energy

Most oil majors are increasing their investments in renewable energy while still maintaining their focus on fossil fuels, risking the achievement of carbon neutrality by 2050. Activists have targeted companies like Shell, BP, and Barclays during shareholder meetings, urging them to prioritize climate action. Although the International Energy Agency (IEA) called for a halt to new oil projects, the opening of new oil fields continues. While oil and gas firms in Europe have set emission reduction targets, their investments in renewables and carbon capture remain relatively small compared to overall spending. Experts emphasize the need for greater investment in clean energy technologies like hydrogen, biogas, and low-carbon fuels to accelerate the transition to net-zero emissions. Additionally, reducing indirect emissions from oil and gas products requires a shift away from oil and eventually gas, a move that some companies are yet to prioritize.

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