Despite intensifying investor pressure and urgent warnings on the need to diversify away from their core business, larger oil and gas companies look to be failing to meet the economic and environmental challenges, which could impact their long-term future success, research suggests.
In its most recent report on climate change, the UN said that in order to limit global warming to less than 1.5°C above pre-industrial levels it will require "rapid and far-reaching" transitions across the economy - especially in the energy sector. 2019 Outlook: Will oil price stay strong or 'drift sideways' after rollercoaster year? However, evidence suggests that oil majors are not taking the lead on this with research from the Carbon Disclosure Project (CDP) showing the proportion of capital expenditure on low-carbon investments is still small at some companies. Between 2010 and...
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