Big Oil’s Green Promise: Just 2% of Renewables Despite Climate Claims

Despite years of public commitments to clean energy, major fossil fuel companies own less than 2% of renewable energy projects worldwide, according to a groundbreaking study published in Nature Sustainability. The research reveals a stark gap between oil and gas companies’ climate rhetoric and their actual investments.

Researchers analyzed data from 250 of the world’s largest oil and gas companies and found that only 20% operate any renewable energy projects at all. These green energy ventures represent a mere 0.1% of their total energy production. “They’ve been hammering this message that they are part of the transition,” said lead researcher Marcel Llavero Pasquina from the Autonomous University of Barcelona, who expected to find around 5% ownership of renewables—still more than double what the data actually showed.

The findings arrive at a critical moment as world leaders prepare for COP30 in Brazil this November, where the role of fossil fuel companies in climate negotiations remains contentious. Critics argue that oil and gas lobbyists—who significantly outnumbered officials from climate-vulnerable nations at last year’s summit—are undermining genuine progress. Meanwhile, atmospheric carbon dioxide levels have hit record highs this year, and BP recently slashed its renewable energy investments by 70%.

“We continually see fossil fuel producers over-promise and under-deliver when it comes to renewable energy spending,” said Patrick Galey from Global Witness. The research adds fuel to debates about whether companies that profit from fossil fuels should help shape international climate policy.