The oil majors, particularly in Europe, are ploughing billions into green energy projects. However, their efforts to reduce emissions often look like window dressing.
Royal Dutch Shell spends about $3 billion on its low carbon and electricity businesses, which is roughly a tenth of its research and development budget.
BP said this week it hoped to create five billion-dollar green energy businesses by 2025. But many of its green initiatives are designed to prolong the life of its oil and gasfields, by boosting productivity at wells and managing carbon more efficiently. BP and Shell won’t be abandoning fossil fuels any time soon.
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