The world’s biggest energy companies are spending only a fraction of their investment budgets on low-carbon projects, even as the oil and gas industry comes under fire for its contributions to global greenhouse gas emissions.
European companies such as Total, Shell, Equinor and Eni are among those spending the most on low-carbon investments, but the industry on aggregate allocated just 1.3 per cent of its total 2018 capital expenditure to these ventures.
The figure is in a new report from environmental non-profit and investment research provider CDP, which has ranked 24 companies by their preparedness for a global transition towards cleaner fuels.
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