In a significant policy reversal, major European energy giants like BP and Shell have scaled back their renewable energy investments, redirecting focus to oil and gas ventures. This change comes in response to energy market volatility following geopolitical crises, including Russia’s invasion of Ukraine, which drove up energy costs and delayed clean energy policies. The pivot is also seen as an effort to compete with U.S. oil firms, such as Exxon and Chevron, which have continued to prioritize fossil fuel operations, achieving stronger financial results.
This strategic withdrawal from renewable energy development complicates global efforts to combat climate change. With 2024 projected to be the hottest year on record and carbon emissions at all-time highs, the timing is concerning. Adding to the uncertainty, the potential return of Donald Trump to the U.S. presidency in 2025 and his critical stance on climate policies further clouds the future of green energy. While some companies claim to remain committed to the energy transition, the pace of progress is now in question. More