Oil giants slow down their energy transition talk – By Dan Primack (Axios) / Feb 6, 2023
Oil giants for years have said that they’ll pave the path toward energy transition, investing in everything from renewable projects to climate tech startups.
- Now, some of them are sounding more like speed bumps.
Driving the news: BP plans to “dial back” some of the company’s renewable energy initiatives, due to disappointment over return on investment, per the WSJ.
- Dutch rival Shell said it will keep renewable energy investments at 2022 levels, despite blockbuster profits.
- Exxon CEO Darren Woods argued that energy transition “is not a game for startups,” despite the energy industry’s significant participation in venture capital rounds for climate tech startups.
CONTINUE > https://www.axios.com/2023/02/06/oil-giants-slow-down-energy-transition
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