Large oil corporations are spending thousands and thousands to seem ‘inexperienced.’ Their investments inform a distinct story, report exhibits

Big oil companies are spending millions to appear 'green.' Their investments tell a different story, report shows

[ad_1]

The think tank analyzed 3,421 items of public communications materials for 2021 across the five companies and found that 60% of their messaging contained at least one “green” claim.

InfluenceMap then calculated the amount of money the energy companies expected to spend on green investments last year and found on average just 12% of their capital expenditure budgets were going toward what the companies themselves consider low-carbon or renewable activities.

In some cases, those figures are on the rise. Shell, for example, says it plans to spend 12% of its capital expenses on renewable energy this year, up from 10% in 2021. And the company noted the InfluenceMap analysis does not account for investments outside of its Renewables and Energy Solutions division — investments such as electric vehicle charging, biofuels and sustainable aviation fuel, all of which climate scientists have said are important in the effort to wean off fossil fuel.

Still, InfluenceMap says the companies’…

[ad_2]