What Big Oil Is Doing About Climate Change
Big Oil claims it's doing its part to combat climate change. A new study finds it's not even close.
Callum Burroughs, November 11, 2018 (Business Insider)
“Despite years of claims and commitments about clean investment and alleviating climate change, the world's largest oil companies have contributed just 1% of their spending budgets to green energy in 2018…[A new study by environmental advocates CDP, the] world's top 24 publicly-listed oil companies spent just 1.3 percent of total budgets of $260 billion on low carbon energy in 2018…70% of the energy sector's renewables capacity came from European oil majors…
Norway's Equinor leads the way with plans to spend up to 20% of its budget on renewables by 2030, while European major Total has spent the most on low-carbon energies, around 4.3% of its budget, since 2010…Shell plans to invest up to $2 billion each year in renewables and electric vehicles alongside a pledge in 2017 to halve the carbon footprint of the energy it sells by 2050...These efforts pale in comparison to the required need for drastic climate control measures...” click here for more