Greenpeace has accused major European gas and oil companies of doing nothing to transition towards cleaner energy and "just pretending" to be working towards their climate commitments.
Contrary to public perception, wind and solar power production by big oil companies is still surprisingly low, according to the environmentalist group.
"European companies are not transitioning at all, they are just pretending," Greenpeace campaigner Jakub Gogolewski told AFP.
The NGO was presenting, in the middle of a European heatwave, an analsysis of a 110-page report written by German energy expert Steffen Bukold.
It compiles the 2022 results of 12 European energy groups and finds that only 0.3 percent of their total production was generated by renewable energies. The remaining 99.7 percent came from oil and gas production.
"There was a one-sided fossil dominance of investments in 2022: 92.7 percent on average were invested in the continuation of the fossil oil and gas path and only 7.3% in a change towards sustainable energy production and low-carbon solutions," Greenpeace said.
"You cannot let these companies self-regulate... that's why we ask the governments to step in for the well-being of the citizens, because self-regulation in the industry does not work," said Gogolewski
On the western edge of Paris, under the slogan, "The thermometer is exploding, thanks to the fossil fuel industry", a number of activists built a fake oil derrick in the La Defense business district, where TotalEnergies is headquartered.
The Greenpeace report, entitled "The Dirty Dozen" lists data from six international oil majors based in Europe; Shell, TotalEnergies, BP, Equinor, Eni and Repsol along with six national oil and gas companies (OMV (Austria), PKN Orien (Poland), MOL (Hungary), Wintershall Dea (Germany, subsidiary of BASF), Petrol Group (Slovenia) and Ina Croatia (Croatia).
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Analyst Summary
: This article discusses Greenpeaces findings from a 110 page report written by German energy expert Steffen Bukold that revealed the lack of transition by European gas and oil companies towards cleaner energy sources. Greenpeace concluded that the energy companies are not transitioning at all but instead are just pretending to work towards their climate commitments. The report found that only 0.3 percent of the total production was generated by renewable energies, with the remaining 99.7 percent coming from oil and gas production. Greenpeace called for governments to step in, as self-regulation within the industry does not seem to be effective. To illustrate their point, activists built a fake oil derrick in the La Defense business district, headquarters of TotalEnergies. This article is important for defense industry analysts, stock market analysts, and general industry analysts in that it highlights the low transition rate of European gas and oil companies towards cleaner energy sources and the need for governments to step in. This correlates with significant events and trends within the space and defense industry over the past 25 years, as there has been an increasing effort to shift towards renewable energy sources. This article also serves as a reminder of the need for more effective self-regulation within the industry, which has not progressed to the same level as the push for renewable energy sources. Investigative
Question:
- 1. What are the barriersthat have prevented European gas and oil companies from transitioning towards cleaner energy sources?
- 2. What policies have been successful in incentivizing oil and gas companies to transition towards renewable energy sources?
- 3.
What has been the public reaction towards this Greenpeace report? 4. How have European oil companies responded to this report and their lack of renewable energy production?
5. What measures should governments implement to ensure that companies are meeting their climate commitments?
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