Big Oil Backtracks on Renewables Push as Climate Agenda Falters

This retrenchment is largely attributed to geopolitical disruptions, such as Russia’s invasion of Ukraine, and the subsequent hike in energy costs, which has led governments to delay clean energy policies. Companies found their financial performance lagging behind their U.S. counterparts like Exxon and Chevron, which maintained focus on oil and gas. The shift in strategy has negative implications for climate change mitigation efforts, as global carbon emissions are predicted to reach a new high, making 2024 the warmest year on record. With Donald Trump returning to the U.S. presidency in 2025 and his critical stance on climate policies, the energy sector faces further uncertainty. Although some companies have slowed renewable investments, they continue to claim commitment to transitioning to low-carbon energy sources. Read more.