Big Oil has frequently been chided for merely trying to burnish its green credentials, and so far, it has done little to convince us that it is truly moving forward to greenness. Despite the much-vaunted megatrend involving the global electrification drive and shift to renewable energy , the most ambitious pledges by Big Oil to pursue net-zero agendas remain weak at best. An analysis of near-term spending plans on renewables by the biggest oil and gas companies shows that real investments in renewable energy will continue to pale in comparison to capex plans for greenfield fossil fuel projects. Let this sink in: In 2018, Big Oil spent less than 1% of its combined budget on green energy projects. Further, according to Rystad Energy, Big Oil is expected to pump in $166B into new oil and gas ventures over the next five years, thus dwarfing the currently specified outlay of […]