US EditionFossil fuel companies control a mere 1.42% of renewable energy projects worldwide, study reveals
New research finds top 250 oil and gas firms own just 1.42% of global renewable projects despite public climate commitments, with only 20% holding operational renewables.
- Recently, ICTA-UAB published in Nature Sustainability that the world's 250 largest oil and gas producers, responsible for 88% of global hydrocarbon output, control only 1.42% of 3,166 renewable projects.
- Economic factors have limited renewables spending as oil and gas companies favour carbon management and hydrogen development, while renewables' lower margins and slower payback constrain investment amid shareholder pressures.
- Researchers found that only 20% of these 250 firms own renewable projects, with renewables representing just 0.1% of primary energy extraction and 0.13 of total energy output.
- Experts warned that findings raise doubts for institutions engaging fossil fuel companies, as Llavero-Pasquina added, `After decades of empty words, it is time for governments, universities and public institutions to recognize that the fossil fuel industry will always be part of the problem, not the solution to the climate crisis.`
- Some supermajors have invested, with BP and Shell at 0.4 and 0.35, while TotalEnergies has only 1.5% of energy from renewables, industry claim.
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NewScientist
Anti-Aging, Acupuncture and Health NewsTop 250 oil and gas firms own just 1.5% of the world's renewable power
Despite public promises by many fossil fuel firms that they are investing in the green transition, it turns out that they have made little contribution to the growth of renewable energy
Fossil fuel companies control a mere 1.42% of renewable energy projects worldwide, study reveals
The fossil fuel industry is falling far short of its pledge to lead the energy transition, according to new research from the Institute of Environmental Science and Technology at the Universitat Autònoma de Barcelona (ICTA-UAB). The study shows that the world's largest oil and gas companies are responsible for only 1.42% of renewable energy projects worldwide.
Study Finds Oil Companies Control Just 1% of Renewable Projects
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://www.newsghana.com.gh/study-finds-oil-companies-control-just-1-of-renewable-projects/The world’s largest oil and gas companies control only 1.42% of renewable energy projects globally despite years of pledging to lead the energy transition, according to research published Thursday in Nature Sustainability. The study from the Institute of Environmental Science and Techn…
Study: Oil companies are not ‘part of the solution’
A silhouetted natural gas production platform. Photo: iStockSubscribe now“I fundamentally believe we have a core role to play in the energy transition: the capabilities that we have, the scale that we bring, the insights, and everything else,” Ben Van Beurden, then the CEO of oil giant Shell, told Bloomberg in 2020. Shell should not be referred to as an oil company, he said.Five years later, only .35% of the primary energy Shell produces comes f…
elperiodicodelaenergia.com
radiocable.comThe fossil fuel industry is completely failing in its promise to lead the energy transition, according to research by the Institute of Environmental Science and Technology of the Universitat Autònoma de Barcelona (ICTA-UAB) which and Environmental Technology of the Universitat Autònoma de Barcelona (ICTA-UAB) shows that the world's leading oil and gas companies are only responsible for 1.42% of existing renewable energy projects globally.
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