Sorry, Rigzone and Telegraph, Oil and Gas Companies Are Wise to Reject Net Zero and Renewables
By
Linnea Lueken
March 3, 2025
FacebookTwitterPinterestEmail
Rigzone and The Telegraph, among other outlets, are reporting that many major energy companies are tempering net-zero pledges they made in recent years, turning away from renewables and back towards oil and gas. This move makes sense, as subsidies that wind and solar depend on may dry up, and traditional sources outcompete them.
The Rigzone post, “Leading Energy Companies Holding Back Renewables Commitments, BMI Says,” reports that the Fitch Group, a financial information company, says that companies like BP, Shell, and others, are “holding back renewables commitments to secure higher short-term return.”
Most notably, Fitch told the outlet that Equinor “halved its low carbon investment from $10 billion to $5 billion,” BP “abandoned its 2030 oil output reduction target and is divesting its U.S. onshore wind business,” and even Shell “weakened its carbon reduction targets and is investing in Bonga North deep-water oil and gas project in Nigeria.”
https://climaterealism.com/2025/03/sorry-rigzone-and-telegraph-oil-and-gas-companies-are-wise-to-reject-net-zero-and-renewables/
