February 17, 2022
“We thus conclude that the transition to clean energy business models is not occurring, since the magnitude of investments and actions does not match discourse,” the researchers at Tohoku University and Kyoto University in Japan said. For example, the paper said BP and Shell have vowed to reduce investments in fossil fuel extraction projects. Instead, they have increased acreage for new oil and gas exploration in recent years.
Also, the two European companies — BP and Shell — more consistently acknowledged climate science, invested more on clean energy and took more aggressive steps than their American counterparts — ExxonMobil and Chevron — which “exhibit defensive attitudes” toward investing in renewable energy and moving away from fossil fuels, the paper foundA spokesperson for Chevron, based in San Ramon, Calif.