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FT: Oil services providers eye low-carbon transformation

Shareholder initiatives, climate protests and government net zero targets are all piling pressure on Big Oil to reduce carbon dioxide emissions by shifting towards renewable energy. Critics have condemned the industry’s response as insufficient, with even the most progressive oil majors devoting only a fraction of their research and development expenditure to low carbon tech. Royal Dutch Shell, for example, has said it is investing about 10 per cent of its $1bn annual R&D budget on renewables and less than a quarter on what it defines as low-carbon initiatives such as hydrogen, and biofuels.

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