Future Of British Business
Big Oil’s Green Retreat Helps Clear the Way for Everyone Else in Renewables
- Soaring competition has squeezed returns for clean energy
- Renewable power needs to expand faster to hit climate goals
Shell oil storage at a refinery in Rotterdam, Netherlands.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
Big Oil won’t be missed by its renewable power competitors.
Shell Plc’s pivot away from wind farms and solar parks to the oil and gas that drove record profits is the latest example of the world’s biggest energy companies spurning a crucial tool for cutting carbon dioxide emissions. BP Plc previously softened its target for cutting fossil fuel production.