Shell, Total, Statoil, even Exxon – they’re all at it. But are the recent moves into solar and wind power lip service, fashion, or a real shift away from fossil fuels?
The world’s largest oil companies have in recent weeks announced a series of “green” investments – in wind farms, electric battery storage systems and carbon capture and storage (CCS). These unexpected moves come hot on the heels of revelations by Saudi Arabia, the world’s biggest crude exporter, that it plans to sell off parts of its national oil company and diversify its economy away from petroleum.
They also come in the aftermath of a United Nations climate change agreement and before annual general meetings for Shell and Exxon Mobil this week, meetings at which shareholders will demand that more be done to tackle climate change.