Big Oil Reverses Course on Renewable Investments

In 2024, major European energy companies, including BP and Shell, have shifted their focus back to oil and gas, scaling back renewable energy initiatives. This strategic reversal follows increased energy costs after geopolitical tensions and delays in global clean energy policies. BP has spun off its offshore wind projects, and Shell has halted investments in offshore wind and reduced its carbon targets. This retrenchment poses challenges for global climate efforts, with carbon emissions expected to rise in 2024. Read more.