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.
) - 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.
BP aims to keep its previously planned $500 million in spending on low-carbon initiatives this year intact, despite a company-wide spending cut of 20% in the wake of the coronavirus, its incoming Chief Financial Officer Murray Auchincloss said in an analyst call on April 28. Total still plans to spend its previously planned $1.5-$2 billion on its low-carbon business, despite cutting its overall 2020 spending by $3 billion to $15 billion, CEO Patrick Pouyanne said in an interview with French paper Le Figaro on May 6.
Even after the rejigged spending, investments in renewables and low-carbon technologies for the top five European oil companies represents no more than 15% of total investments, and climate advocates are pressuring the companies to do more. “The world is not ready to transition to another source of energy in large part anytime soon,” he said.“I know that there are a lot of different views on what the future holds, but I want to be clear on how we see it: The long-term fundamentals that drive our business have not changed.”
U.S. President Donald Trump’s administration has long cast doubt on the science of climate change and has decided to pull out of the Paris climate agreement citing the economic cost. The administration is also contemplating ways to pump billions into its oil and gas sector through tax breaks to preserve an industry that rapidly grew over the past decade.Slideshow
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