In 2024, major European oil companies like BP and Shell slowed down renewable energy investments and focused on oil and gas for higher profits, citing geopolitical disruptions and economic pressures. The trend reflects a global rollback on clean energy commitments as climate challenges intensify

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• European energy firms cut low-carbon spending by 8% in 2024.
• BP spun off offshore wind projects into a venture with Japan’s JERA.
• Shell halted new offshore wind investments, exited power markets in Europe and China.
• Rising oil prices post-Ukraine war shifted focus to high-margin fossil fuels.
• Global carbon emissions expected to hit record highs in 2024.
• UN climate summit in Baku failed to secure commitments to phase out fossil fuels.
• Analysts predict net debt for top five oil majors to rise to $148 billion in 2024.
• Donald Trump’s return could weaken U.S. renewable energy policies.
• China’s economic recovery may drive oil demand but risks remain with supply cuts.
• Oil companies face financial strain despite near-term fossil fuel gains.