Big oil companies are talking the talk on climate change far more than they're walking the walk, a new study concludes.
They are the use of climate and clean energy-related language in annual reports; pledges and actions in their business strategies; and investments in clean energy versus oil and gas.The majors' climate discussion has outpaced spending growth to develop and deploy low-carbon energy.
The companies have yet to meaningfully start moving business practices away from fossil development, and clean energy remains a very small percentage of capital spending, it concludes. "[T]he transition to clean energy business models is not occurring...Until actions and investment behavior are brought into alignment with discourse, accusations of greenwashing appear well-founded," it states.Oil majors are increasingly diversifying into clean energy even as fossil fuels remain by far their dominant business lines. But critics call the efforts too slow.
BP, which has increasingly moved into renewables, EV charging and other areas, said low-carbon investments were 12% of its capital spending in 2021 and will reach 40% by 2025. It also plans to reduce oil-and-gas production by 40% by 2030. Exxon cited its 2021 pledge to invest $15 billion on low-carbon development through 2027 focused on carbon capture, hydrogen and biofuels.
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