Big Oil spent only 1.3 percent of capital expenditure on green energy in 2018 – The New Economy

Big Oil spent only 1.3 percent of capital expenditure on green energy in 2018 – The New Economy

The world’s largest oil companies spent just 1.3 percent of their annual budgets on climate change reduction initiatives, a new report has found.

Environmental research charity CDP studied the top 24 publicly listed firms across the globe, including oil giants Royal Dutch Shell, Total and BP, and found that these firms spent a collective $3.38bn on low-carbon energy in 2018, just 1.3 percent of the firms’ combined $260bn budget.

Jeanne Martin, a representative of responsible investment charity ShareAction, told Reuters: “This one percent figure pales in comparison with the amount of money Big Oil spends blocking climate initiatives and regulations, and invests in fossil fuel projects that have no place in a well-below two degree Celsius world.”

via Big Oil spent only 1.3 percent of capital expenditure on green energy in 2018 – The New Economy