10 out of the 15 O&G majors analysed had announced net-zero emissions pledges by end of 2020.
The jump in the annual investment in the energy transition by O&G majors is also striking – 4.2%
1
of capex in 2020 vs 2.9% in 2018, a solid 23% increase across the sample as a whole, based on available data of absolute figures.
Capex investment in O&G has been hit hard during the pandemic; renewable power has been the segment least affected.
But while five of the 15 O&G majors are on track with their emissions pledges made as part of the Paris Agreement, all fall short in limiting the adverse impact of climate change to 2 degrees Celsius. This shows the urgent need for change and a strong call to action.
In one scenario, investment could rise more than threefold over the next decade – reaching USD 28bn a year by 2030. But on a less bullish scenario, investment could reach just USD 10.4bn by 2030, so there is a lot at stake.
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