European oil and gas majors spend more on wind and solar power | Business

European oil giants embarked on $20 billion of low-carbon energy projects in the first quarter of this year, 25 times more than they committed to oil and gas, according to analysis.

Eighteen such transactions and projects were announced in a “hive of ‘New Energy’ activity” as the oil groups stepped up their pursuit of net zero emissions goals, the review by Citi shows.

BP made the biggest moves in terms of value, with plans for multibillion-dollar offshore wind farms, according to Alastair Syme, an analyst at the bank. He said that the company accounted for about $7 billion out of “nearly $20 billion of outlay or future capital commitment” in low-carbon energy by the five big European oil groups: BP, Shell, Total, Equinor and Eni.