Oil majors’ transition plans face conflicting demands

Significance

The US majors were less aggressive in their decarbonisation plans and performed better in 2022; their European counterparts are now looking to do the same.

Impacts

• Ethical funds are more likely to divest from Big Oil as plans to transition from fossil fuels are scaled back.
• Public policies supporting renewable energies aid energy investment but policies to tax ‘Big Oil’ profits disincentivise energy investment.
• The oil majors will continue to buy promising new energy transition technologies.