Following years of investment in renewable energy, BP and Shell are now leading a pullback, selling off assets and scaling back ambitious targets. This shift reflects a broader trend among major oil companies as they refocus on their traditional oil and gas businesses.
Last week BP announced that it had sold its offshore wind assets into a joint venture with Japan’s JERA, itself a joint venture between Tokyo Electric Power and Chubu Electric Power, to create one of the world’s largest offshore wind businesses.
Where previously they planned to cap or reduce their production, now they are planning and investing to increase it. Where, over the past five years, Exxon’s share price has risen 54 per cent and Chevron’s 23 per cent, BP’s has fallen 22 per cent and Shell’s more than 6 per cent. That kind of disparity in performance tends to galvanise shareholders, along with executives motivated by their remuneration.
The problem, of course, is that the companies can’t satisfy both constituencies and in a contest between emissions and returns is one that ultimately shareholders will always win.
RENEWABLES OIL GAS BP SHELL INVESTMENT
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