Major oil companies are ditching their climate commitments faster than a bad habit. BP slashed $5 billion from renewable investments while Shell abandoned its oil reduction targets. Record profits of $219 billion? They’ll take that, thanks. These fossil fuel giants now spend 20% more on oil and gas extraction while their renewable investments remain a pathetic 1% of their portfolio. Their green promises? Just expensive PR stunts with zero follow-through.
While major oil companies spent years touting their climate commitments and renewable energy plans, those green promises are now rapidly evaporating into the atmosphere—just like their emissions. One by one, industry giants are retreating from their clean energy goals. BP has slashed $5 billion from planned renewable investments. Shell abandoned its target to reduce oil production. Equinor scaled back its renewable ambitions. The pattern is clear: fossil fuels are back on top.
Money talks. And right now, it’s saying “drill, baby, drill.” BP increased its oil and gas spending by 20% to a hefty $10 billion annually. Shell wrote off $1 billion from a U.S. offshore wind project—ouch. The once-trendy “integrated energy company” concept? Totally off the table now. Investors who once pushed for emissions cuts have quieted down, apparently satisfied with higher dividends instead of a livable planet. This retreat contradicts scientific evidence that renewable energy sources can achieve over 90% of needed carbon reductions in the power sector.
Follow the money to see Big Oil’s true priorities—shareholder returns trump climate every time.
The financial logic is brutally simple. Oil companies determined that renewable investments weren’t making enough cash fast enough. BP claims green ventures destroyed shareholder value. Orsted, once the poster child for offshore wind, cut its dividend as costs spiraled out of control. Meanwhile, oil majors are laser-focused on getting production costs down to $30 per barrel. Profit over planet, the classic trade-off.
Their climate pledges were dubious from the start. Combined extraction plans align with catastrophic warming of 2.4°C. They’re still exploring for new oil fields, still building pipelines. Despite their environmental promises, Shell actually increased production from 1.36 million to 1.75 million barrels per day. The oil giants reported record $219 billion in profits after Russia’s invasion of Ukraine while climate impacts worsened. The greenwashing continues unabated—natural gas marketed as “clean energy,” algae biofuels hyped while receiving pennies in R&D. It’s all smoke and mirrors.
The numbers tell the real story. BP’s entire renewable capacity equals just two gas power plants. The oil industry accounts for a pitiful 1% of renewable energy investment. Their capital still flows overwhelmingly toward extraction. Big Oil talked a good climate game when public pressure peaked. Now that attention has shifted, so have their priorities. Some promises aren’t worth the recycled paper they’re printed on.
