"We're pivoting from being an international oil company to an integrated energy company," Bernard Looney, the company's chief executive, said Tuesday. Other European majors including Shell and Total have set similar net-zero emissions goals, though they've yet to provide many details. US majors Exxon and Chevron, under less pressure from investors and local policies, haveOne measure of a company's commitment to a cleaner future is investment in clean energy.
Since 2016, the majors spent just over $9 billion on clean energy, Wood Mac said, not including internal R&D. Exxon was not included in the data provided to Business Insider because it has done little M&A in clean energy, Wood Mac said. That is not a lot of money. Last year alone, Shell had a capital expenditure budget about three times that, while the budgets of BP, Chevron, and Total were about twice as large.
While falling near the bottom, US giant Chevron is among the most active investors in carbon capture technologies. Based in San Ramon, California, the firm says it has invested more than $1 billion in carbon capture, utilization, and storage. Exxon, which was not on the list due to limited clean-energy M&A, told Business Insider earlier this summer that it has spent more than $10 billion in the last decade "to develop and deploy higher-efficiency and lower-emission energy solutions across its operations." A surge in clean-energy spending to come
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