Capital Economics has been commissioned by CMS to assess the strategies and activities undertaken by the major oil and gas companies related to the energy transition. The focus is on how the companies present information about their own activities.

This report is an update of the analysis last produced in 2021.

Our report and findings are based in part on an extensive literature review, which includes individual company reports, financial statements and stated strategies of our sample of fifteen oil and gas majors.

In addition, we drew on respected public sources to inform our views on the current state of, and future longer-term trends in, the global energy mix. These include the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), Carbon Monitor, Morningstar and bp.

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