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Are the fossil fuel industries really part of a solution? How much do they contribute to the global renewable energy deployment? And how much of their energy comes from fossil or renewable sources?<\/p>\n
These are the questions a new study<\/strong><\/a>, published in Nature Sustainability, attempts to answer.\u00a0<\/p>\n Are fossil fuel companies really investing in renewable energy?<\/strong><\/p>\n Renewable energy<\/a> is the world\u2019s biggest generator of electricity. Some fossil fuel companies have invested in renewable energy assets, but this study assessed the extent of their backing.<\/p>\n The researchers analysed data from the Global Energy Monitor,<\/a> looking at the world\u2019s 250 largest oil and gas producers<\/a>. These companies collectively are responsible for 88 per cent of global hydrocarbon output. The researchers also identified unique wind, solar<\/a>, hydro, and geothermal projects which these companies have some sort of stake in.\u00a0<\/p>\n The analysis reveals that only a fifth of these companies have a renewable energy project in operation. Renewable energy represented only 0.1 per cent of primary energy extraction. This contradicts many of these companies\u2019 climate commitments, as many have set greenhouse gas reduction targets and agreed to cut down operations.<\/p>\n How does Europe compare?<\/strong><\/p>\n The data is stratified by region. While none of the major North American fossil fuel companies had renewable energy assets, in Europe<\/strong><\/a> 1.8 per cent of renewable assets were owned by fossil fuel companies.\u00a0<\/p>\n The study provided data for some of the continent\u2019s major fossil fuel companies. TotalEnergies, the company with the most renewable assets, had only 1.5 per cent of total energy production coming from renewable sources. BP and Shell\u2019<\/strong><\/a>s renewable investments made up only 0.4 per cent and 0.35 per cent respectively of total energy extracted. (BP previously walked back<\/strong><\/a> on its renewable targets).<\/p>\n Interestingly, a majority of the companies\u2019 investments were not located in the European continent. 32 per cent of renewable assets were in Europe, another 32 per cent were in North America, and 32 per cent were located in South Asia.\u00a0<\/p>\n \u2018The solution to the energy transition should not include fossil fuel companies\u2019<\/strong><\/p>\n There is no regulation that forces fossil fuel companies<\/strong><\/a> to invest in renewable energy, notes first author\u00a0 Marcel Llavero-Pasquina, a postdoctoral research associate at the Universitat Aut\u00f2noma de Barcelona.\u00a0<\/p>\n