Why Energy Giants Won't Turn Their Backs on Oil

As governments worldwide put increasing pressure on oil and gas companies to decarbonize, many have responded by pledging to expand their renewable energy portfolios and cut emissions in fossil fuel operations. However, despite big promises, little progress is being seen by most oil and gas majors, which suggests some might have so far overstated their commitment to a green transition.  In 2020, during the COVID-19 pandemic, when the global demand for oil sunk to a record low, several oil and gas companies turned their attention to renewable…