Greenpeace accused energy majors of deceiving the public. Credit: D_Zheleva via Shutterstock.

European oil and gas companies have been accused of over-emphasising the role that renewables play in their energy portfolios as research suggests that renewables only represent 0.3% of total energy production.

Commissioned by Greenpeace Central and Eastern Europe (CEE), the report accuses the oil and gas majors of “deceiving the public about their willingness to curb their climate-damaging impact”.

Oil market expert and report author Steffen Bukold sampled data from 12 oil and gas companies for the report, including BP, Eni, Equinor, Repsol, Shell and TotalEnergies. Most of the 12 companies have committed to net-zero pledges by the year 2050.

According to the report, “only 7.3% ($7.09bn) of the 12 companies’ 2022 investments went towards renewable energy”. The remaining 92.7% ($87.95bn) funded fossil fuels.

Renewable investment represented 7.3% of total investment in 2022. Credit: Greenpeace CEE.

This is despite the fact that several of the companies centre renewable investments in their advertising and public-facing content. Earlier this year, Shell had several of its advertisements banned in the UK due to “misleading” content on the role of renewables in the company’s energy mix.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Power Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this year, UN Secretary-General António Guterres criticised CCS as a method of greenwashing. Supporters of CCS maintain that net zero cannot realistically be reached without the wide-scale deployment of the technology.

Calls for greater regulation of Europe’s energy companies

Greenpeace CEE finance campaigner Kuba Gogolewski said in a statement that the results of the report demonstrate that European oil companies are “incapable of self-regulation”. He called for greater regulation from European governments including “compulsory investment in genuinely green infrastructure”.

He also suggests that “governments must also agree on a detailed roadmap to phase out oil and gas across Europe, starting with measures to shift heavily polluting oil and gas sectors like transport”.

The report identifies a lack of strategy as a key finding. Despite net zero commitments, “not a single one of [the 12 companies] has developed a coherent strategy to achieve this”.