Oil and Gas Giants Accused of Going Green as Mere Lip Service, Failing to Invest in Renewable Energy

 Oil and gas companies, including Petrobras, Sonatrach, and Abu Dhabi National Oil Co., are facing scrutiny over their commitment to transitioning to renewable energy. While these companies claim to be part of the transition, an Associated Press review of their investments and priorities suggests otherwise. Most of their investments are focused on oil exploration, extraction, and refining, with little investment in established green technologies like solar and wind power. These companies often include biofuels, hydrogen development, and carbon capture in their sustainability plans, which have long-term potential to reduce emissions.

They also promote natural gas, which emits significant amounts of methane. Additionally, while they focus on reducing emissions in their operations, they neglect to address the emissions resulting from customers' use of their products. Critics argue that fossil fuel companies should take responsibility for the emissions caused by their products. Scope 3 emissions, which refer to emissions resulting from customers' use of a company's products, are seen as the biggest share of emissions and the most challenging to address. Many companies argue that these emissions are beyond their control.

Some companies, like Equinor, have made commitments to tackle Scope 3 emissions and invest in renewables. Equinor is building the world's largest offshore wind farm and aims to achieve net-zero emissions by 2050. However, most companies have not made substantial efforts to transition to renewable energy. Developing nations, like Uganda, face challenges in reducing emissions while relying on oil and gas for their national economies. These companies often prioritize using renewable energy to decarbonize their fossil fuel projects rather than replace them altogether.

Developing countries argue that wealthier nations should provide financial and technological support to help them achieve an equitable energy transition. Overall, the review raises doubts about the genuine commitment of oil and gas companies to transition to renewable energy. Critics argue that these companies, with their significant profits and engineering capabilities, should take a leading role in developing new technologies and driving down the cost of renewables.