top-oil-firms-barely-invest-in-renewables-finds-gobal-analysis

The world’s leading oil and gas giants have a negligible stake in renewable energy, holding less than 1.5 per cent of projects globally, a new study has revealed.

 

Researchers at the Autonomous University of Barcelona in Spain analysed 250 of the largest oil and gas producers — companies responsible for nearly 88 per cent of global hydrocarbon output, and examined their participation in 3,166 renewable projects, including wind, solar, hydro and geothermal ventures.

 

Published in the journal Nature Sustainability, the study concluded that “the largest 250 oil and gas companies only own about 1.42 per cent of the global renewable energy capacity in operation.”

 

The analysis further found that only one-fifth of these firms own any renewable energy project, with renewables constituting a meagre 0.1 per cent of their overall primary energy extraction.

 

Lead author Marcel Llavero-Pasquina, a researcher at the university, remarked, “Oil and gas companies’ renewable deployment is anecdotal at best. Their contribution to the fight against the climate crisis should be judged solely by how much fossil fuel they leave in the ground.”

Also read: Renewable energy makes up for nearly 50 pc of India’s power capacity

 

The research team based its assessment on the ‘Global Oil and Gas Exit List’ compiled by Urgewald, a Germany-based non-profit environmental and human rights organisation.

 

A rapid transition towards clean energy, particularly solar and wind, is considered critical to curbing greenhouse gas emissions — the principal driver of climate change. However, the study suggests that fossil fuel giants have made minimal progress towards this shift.

 

Its findings raise a serious concern for governments, institutions and investors who continue to engage with the fossil fuel industry under the belief that these corporations will play a significant role in the green transition.

 

“After decades of empty words, it is time for governments, universities and public institutions to recognise that the fossil fuel industry will always be part of the problem, not the solution to the climate crisis,” Llavero-Pasquina asserted.

 

He further warned, “Oil and gas companies should not have a seat at the table where the future of climate and energy policy is decided.”