🤔⛽ Is oil and gas serious about the green transition? 🤔⛽

Many would argue yes: clean energy investment doubled in 2022 to $20b, up from just $5b in 2020. Indeed a development we should recognise and celebrate.

This shocking graph, however, sheds a very different light on the same topic: net income of O&G reached a record high 📈 of $4.144t (yes, trillion) and oil and gas invested a mere 0.5% of their income into the green transition in 2022. Less than 0.03% went into carbon management and just a fraction of that into carbon dioxide removal (#CDR).

🔑 Two takeaways here for me:

1. We need to hold O&G accountable to their claims of becoming “green” companies. They are lightyears away from that. Their core business is and will be based on #fossilfuels.

2. We should bear these numbers in mind when we think about the role carbon management and carbon removal (#CDR) play for O&G. We are less than a sideshow.

What are your thoughts? Am I being fair/unfair here?

👉 More details in the International Energy Agency (IEA) “World Energy Investment Report” - https://lnkd.in/eUCZmA-3