Despite years of promising to lead the clean energy transition, fossil fuel companies are putting their money elsewhere. A groundbreaking study published in Nature Sustainability reveals that the world’s 250 largest oil and gas companies own a mere 1.42% of global renewable energy projects—and four out of five aren’t involved in renewables at all.

The research, conducted by scientists at the Autonomous University of Barcelona, found that renewable projects account for just 0.1% of these companies’ total energy production. Even the study’s authors were shocked by how low the numbers were. “They’ve been hammering this message that they are part of the transition for so long,” said lead researcher Marcel Llavero Pasquina, who had expected oil giants to own around 5% of renewable projects.

This data arrives as world leaders prepare for COP30 climate talks in Brazil, where fossil fuel companies will again argue they’re essential partners in fighting climate change. Critics say the industry’s massive lobbying presence at these summits—outnumbering officials from climate-vulnerable nations—amounts to greenwashing on a global scale.

The findings come at a critical time: atmospheric carbon dioxide just hit record highs, and oil major BP recently slashed its renewable energy investments by 70%. Environmental advocates argue the data proves fossil fuel companies should be excluded from setting international climate policy. “We continually see fossil fuel producers over-promise and under-deliver when it comes to renewable energy spending,” said Patrick Galey of Global Witness.