Europe's top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives.
But Europe's top five producers - BP, Shell, Total, Eni , and Equinor - are all focusing their investment cuts mainly on oil and gas activities, and giving their renewables and low carbon businesses a relative boost, according to Reuters calculations.Company executives and investors say they expect fossil fuel demand to peak earlier than previously thought.
"We still believe there is an energy transition under way that may pick up speed in the recovery stage and we want to be well-positioned," van Beurden said. Even after the rejigged spending, investments in renewables and low-carbon technologies for the top five European oil companies represents no more than 15per cent of total investments, and climate advocates are pressuring the companies to do more.
Source: News Formal (newsformal.com)
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