Reported 5 days ago
European oil companies like BP, Shell, and Equinor are scaling back their renewable energy ambitions, shifting back to oil and gas as they face profitability challenges and rising costs in the renewable sector. BP is investing billions into new oil projects while suspending low-carbon initiatives, and Shell is also reducing its low-carbon operations. Both companies aim for stronger short-term returns, despite concerns over missing climate targets and the potential long-term impacts on fossil fuel consumption.
Source: YAHOO