The biggest energy companies are spending only a fraction of their investment budgets on low-carbon projects, even as thè oil and gas industry Comes under fire for its contributions to global greenhouse gas emissions.
European groups such as Total, Shell, Equinor and Eni are among those spending thè most on low-carbon projects, but thè industry on aggregate allocated just 1.3 per cent of its 2018 capitai expenditure to these ventures.
The figure comes in a report from environmental non-profit and investment research provider CDP, which has ranked 24 companies by their prepar- edness fora transition tocleaner fuels.
European energy majors, which are pivoting towards less pollutinggas, set- ting climate-related targets and invest- ing in low-carbon technology, ranked thè highest in building resilience. China’s Cnooc and Sinopec, Russia’s Rosneft, and Marathon Oil of thè US were at thè bottom of thè list.