BP, Chevron, ExxonMobil, Shell and TotalEnergies spend $750m a year burnishing climate credentials but only 12% of capital on low-carbon development
Big oil and gas companies are spending tens of millions publicising their environmental work, while only about a 10th of their investment goes into low-carbon development, a report claims.
A comprehensive study of public communications from five oil and gas firms by InfluenceMap, a climate finance thinktank, found that 60% of the publicity made at least one claim highlighting the companies’ positive climate actions. But on average, the five companies devoted only 12% of capital expenditure to low-carbon activities – and this included some gas projects.
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