Big Oil returns to core strengths, retreats from green energy investments as climate agenda loses steam
01/02/2025 / By Willow Tohi
In 2024, European energy giants like BP, Shell and Equinor scaled back investments in renewable energy projects, refocusing on oil and gas due to profitability and market demands.
High oil and gas prices, driven by geopolitical disruptions like the Ukraine war, made fossil fuels more profitable, while renewables faced financial challenges like inflation and supply chain issues.
The article argues that fossil fuels are not the primary driver of climate change, emphasizing the complexity of climate systems and the benefits of affordable, reliable energy for global prosperity.
The election of Donald Trump and his pro-fossil fuel policies, including deregulation and promoting LNG exports, have bolstered the industry and aligned with global energy demands.
The article advocates for a pragmatic approach that integrates fossil fuels with environmental stewardship, highlighting technologies like carbon capture as evidence of the industry’s commitment to sustainability.
https://www.climate.news/2025-01-02-big-oil-retreats-from-green-energy-investments.html
