Oil Giants' Slim Stake in Renewables Raises Climate Concerns
A recent study highlights that major oil and gas producers account for only 1.5% of global renewable projects. Researchers from the Autonomous University of Barcelona found that despite the growth in renewable energy investment, fossil fuel companies' involvement remains minimal, sparking concerns about their role in combating climate change.
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In a striking revelation, a study from the Autonomous University of Barcelona has unveiled that the world's top oil and gas producers contribute to less than 1.5% of renewable energy projects globally. This is despite their overwhelming dominance in hydrocarbon output.
The study, published in Nature Sustainability, scrutinized 250 leading companies responsible for 88% of global hydrocarbon production. Among these, only a fifth have operational renewable energy projects, which constitute a mere 0.1% of their primary energy activities.
Lead researcher Marcel Llavero-Pasquina criticized the fossil fuel industry's role, urging governments and institutions to rethink their reliance on these companies for energy transition. The findings call into question the sincerity of oil giants in addressing the climate crisis.
(With inputs from agencies.)
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