New research reveals that the world’s largest oil and gas companies account for just 1.42% of renewable energy projects worldwide, despite decades of pledges to drive the transition away from fossil fuels.
The research, from the Institute of Environmental Science and Technology at the Universitat Autònoma de Barcelona, challenges the narrative promoted by the fossil fuel industry – that it is an essential partner in tackling the climate crisis through investment in green energy. Instead, the data suggest that the industry’s contribution to renewable energy remains minimal and largely symbolic.
Using data from Global Energy Monitor, the ICTA-UAB team analysed the 250 largest oil and gas producers, which together are responsible for 88% of global hydrocarbon output.
Among them, researchers identified 3,166 renewable energy projects – including wind, solar, hydro, and geothermal ventures – in which these companies have some degree of ownership, whether directly, through subsidiaries or via acquisitions.
However, only one in five of these companies currently operates a renewable energy project, and renewables represent just 0.1% of their total primary energy extraction. The report points out that this limited engagement contrasts sharply with the industry’s public claims about supporting global decarbonisation efforts.
Even among the top 100 producers, nearly a quarter have announced greenhouse gas reduction targets for 2030 – pledging an average 43% cut in operational emissions, according to Zero Carbon Analytics. Yet the study’s findings suggest that these targets have not translated into meaningful investment in renewable energy capacity.
Lead author Marcel Llavero-Pasquina said the research highlights a clear disconnect between corporate rhetoric and reality: Oil and gas companies’ renewable deployment is anecdotal at best. Their contribution to the fight against the climate crisis should be judged solely by how much fossil fuel they leave in the ground.’
The findings also raise serious concerns for governments, universities, and institutions that continue to treat oil and gas companies as partners in shaping climate policy.
Llavero-Pasquina added: ‘After decades of empty words, it is time for governments, universities and public institutions to recognise that the fossil fuel industry will always be part of the problem, not the solution to the climate crisis. Oil and gas companies should not have a seat at the table where the future of climate and energy policy is decided.’
Kasandra O’Malia, Project Manager for the Global Solar Power Tracker at Global Energy Monitor, said: ‘Oil and gas companies simply aren’t investing in renewables like they’ve pledged. Claims to the contrary are greenwashing.’
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