Does The Big Oil Industry Really Have Significant Renewable Energy Investments? - CleanTechnica

The article from CleanTechnica examines the extent of renewable energy investments by the largest 250 oil and gas companies globally, challenging the narrative that Big Oil is significantly transitioning toward low-carbon energy production. Researchers Llavero-Pasquina and Bontempi analyzed ownership stakes in solar, wind, hydropower, and geothermal projects to assess the actual share of renewable energy capacity controlled by these fossil fuel giants. Their findings reveal that these companies collectively own only about 1.42% of the global renewable energy capacity in operation, with roughly half of this capacity acquired through subsidiaries. The highest ownership shares were found in geothermal (6.96%) and offshore wind (5.24%) projects, likely due to technological overlaps with traditional oil and gas operations. Furthermore, while the oil and gas industry shows a somewhat larger presence in renewable projects under construction or announced, this pipeline represents only about 4% of the renewable energy capacity increase targeted by the COP28 agreement to triple renewables by 2030.