Oil giants move away from green energy, return to hunting for new deposits | WION Climate Tracker

Oil and gas companies are renewing their commitment, not towards renewable energy- but back towards their legacy business- fossil fuels. Companies like Shell & BP have slowed down their plans to shift away from fossil fuels and are intensifying their hunt for new deposits- proving once again, that profits trump climate. The renewed interest for oil & gas come after firms earned record profits from the fossil fuel price surge- driven by the Ukraine war.

It is also a response to pressure from investors and stakeholders who want to maximise their oil and gas profits rather than invest in lower-margin renewable energy businesses. Reports say exploring and tapping into deposits has proved to be a reliable source of profit for energy majors, despite the long turnaround time.

#oil #russiaukrainewar #fossilfuel

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[soulbeats]

i want to hate them, but i am just too tired by this timeline.

maybe the unabomber was right

[the_magpie]

When Trump returns, and he will, we will drill our own oil an like Russia and Saudi can keep their oil. God bless them.

[pinxtownington]

So what happened to trillions wasted on green energy?

[the_magpie]

If people want a hybrid? They should do so, hybrids are accountable for green energy. In the meantime prep for electric set ups.

[r.s.]

Will takes years to get to the market for most.

[dingdong]

U have to leave Africa alone..oil or no oil..they survived for thousands of yrs..leave Africa aLone..ot else..u will b judged..swiftly

[farhanabdulhamid]

Happens invest in police free family all brother and sister and Family All IRAN HAPPENED Family All Iran peace policy in free investment family all companies and airport in family all air force Family All Iran Family All Iran government family all investment in family all Iran government okay Family All Happy PEACE and Happiness peace

[farhanabdulhamid]

Happens invest in police freedom family all brother and sister and Family All PEACE Happy Turkey first government family all Turkey government family all investment in Export family all Turkey government okay Family All companies and airport in family all investment in police free family all Democratic Policy in Happiness and Democracy policy free peace business ok thanks good Family all PEACE and Happiness and investment okay TNX GOOD Peace

[rogerm]

In a peaceful world I would agree. For defence reasons I believe the world needs oil from different sources for now. Hopefully one day the global stupidity will disappear and we can go ahead accelerating cleaner and greener energy without fear.