Why Big Oil Is Scaling Back Renewables Investment

Europe’s biggest oil and gas companies have changed their approach to energy supply twice over the past five years. First came the ambitions to become major players in the renewables sector and goals to reduce oil and gas production by the end of the decade. That was in 2019 and early 2020 when Big Oil firms were racing to announce major shifts in strategy toward conventional and green energy. This strategy held for about two years until the energy market shocks from the Russian invasion of Ukraine and the financial shocks of soaring inflation…