Oil corporations are making minimal investments in wind energy.
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Significant oil and gas firms hold under 1.5 percent of the global renewable electricity capacity, raising concerns about their dedication to green energy transition, despite their public assertions.
Marcel Llabero Pasquina and Antonio Bontempi, researchers from the Autonomous University of Barcelona, analyzed ownership data of over 53,000 renewable energy projects—including wind, solar, hydroelectric, and geothermal—tracked by the NGO Global Energy Monitor. They compiled this information to determine the proportion of these projects owned by the 250 largest oil and gas companies, which together dominate 88% of global hydrocarbon production.
As the world shifts away from fossil fuels, many chief energy companies have committed to investing in renewables, yet findings indicated that these top firms own merely 1.42% of operational renewable energy capacity worldwide. Notably, more than half (around 54%) of this capacity was acquired rather than developed by these companies. Their analysis of total energy output showed that just 0.13% of energy produced by these companies comes from renewable electricity.
“The findings were astonishing even to me,” remarks Llabero-Pasquina. “We understood they played a limited role in the energy transition. We thought it was merely for appearances. Yet, the numbers are even lower than we anticipated.”
Llavero Pasquina and Bontempi are associated with Environmental Justice, a collective dedicated to researching and advancing the global environmental justice movement. Llabero-Pasquina believes that the campaign’s stance bolsters his research. “It is crucial for us to maintain high rigor in our work so that we can effectively persuade others and demonstrate the truth.”
It is not surprising that major energy corporations, renowned for their oil and gas ventures, do not hold substantial stakes in renewable energy, says Thierry Bros from the Institute of Sciences in Paris. “Ultimately, [the energy transition] must be disruptive and not play into the hands of these companies.”
However, Bros argues that big energy firms are misleadingly portraying their efforts towards energy transition. “They represent themselves as incorporating methods like carbon capture for emissions from fossil fuels. Yet, I believe their actual engagement leans more towards carbon capture and sequestration, which may extend beyond their genuine expertise,” he states.
Offshore Energies UK, representing the UK’s offshore energy sector, including oil, gas, wind, carbon capture, and hydrogen, refrained from commenting directly on these findings. Nevertheless, it highlighted a previous statement from CEO David Whitehouse: “Rather than being in conflict, oil and gas, wind, and emerging low-carbon technologies form a unified system. The expertise of our workforce, the same individuals who developed the North Sea, is instrumental for achieving this transition,” he remarked.
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Source: www.newscientist.com
