Energy majors hold back on renewables, focus more on fossil fuels: research report

ENERGY giants – such as BP, Shell, TotalEnergies and Equinor – are holding back on renewable energy commitments and focusing more on fossil fuels to secure higher short-term returns, said a report by research outfit BMI.

“The primary drivers behind these strategic pivots include rising costs and supply chain disruptions of renewable projects, as well as the need to enhance energy security,” said BMI in the Feb 24 report.

Many energy majors had set ambitious goals to invest in renewable energy and achieve net-zero emissions, but are now weakening or dropping targets, BMI noted.