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Why Big Oil Is Scaling Back Renewables Investment

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Shell, BP, and Equinor have all reviewed or are reviewing their involvement in clean energy solutions

Europe's biggest oil and gas companies have changed their approach to energy supply twice over the past five years. First came the ambitions to become major players in the renewables sector and goals to reduce oil and gas production by the end of the decade. That was in 2019 and early 2020 when Big Oil firms were racing to announce major shifts in strategy toward conventional and green energy.

The pause at the820,000 tons-a-year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands was needed 'to address project delivery and ensure future competitiveness given current market conditions,' the company said. Shell has also sold its retail home energy businesses in the UK and Germany.

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