A new study from the Institute of Environmental Sciences and Technologies at the Autonomous University of Barcelona (ICTA-UAB) reveals that the fossil fuel industry is far from fulfilling its promise to lead the energy transition. This study, recently published in "Nature Sustainability," shows that the world's largest oil and gas companies are responsible for only 1.42% of renewable energy projects worldwide.

She thus challenges the dominant narrative promoted by the fossil fuel industry, which positions itself as a key player in the fight against climate change through "green" energy projects.

Based on data from Global Energy Monitor, this new study analyzes the world's 250 largest oil and gas producers, responsible for 88% of global hydrocarbon production, and identifies 3,166 unique wind, solar, hydroelectric and geothermal projects in which these companies hold stakes, either directly, through subsidiaries or via acquisitions.

"Only 20% of the 250 companies have an operational renewable energy project."

The results show that only 20% of these 250 companies have an operational renewable energy project, with renewables accounting for just 0.1% of their primary energy output. This lack of investment in renewables stands in stark contrast to the industry's repeated claims that it plays a central role in reducing emissions.

According to Zero Carbon Analytics, nearly a quarter of the 100 largest oil and gas companies have set greenhouse gas reduction targets for 2030, with an average commitment of 43% reduction in their own operations.

"The deployment of renewable energies by oil and gas companies is anecdotal at best. Their contribution to the fight against the climate crisis should be judged solely on the amount of fossil fuels they leave in the ground," explained Marcel Llavero-Pasquina, researcher at ICTA-UAB and lead author of the study.

He adds: “After decades of empty promises, it is time for governments, universities, and public institutions to recognize that the fossil fuel industry will always be part of the problem, not the solution, to the climate crisis. Oil and gas companies should not have a seat at the table where the future of climate and energy policy is decided.”

These findings raise serious doubts for institutions and organizations that continue to engage with fossil fuel companies on the assumption that they are key players in the energy transition.

Julia Steinberger, a professor at the University of Lausanne in Switzerland, stated that the study confirmed what was already known about the oil, gas, and coal industries. According to her, despite their environmental slogans, "they are completely failing" in their transition to clean energy. "Despite slogans like 'Liar, liar, the planet is burning,' fossil fuel lobby groups and think tanks continue to influence our politicians," she warned.

In response to this situation, Kasandra O'Malia, project manager for the Global Solar Power Tracker at Global Energy Monitor, stated: "Oil and gas companies are simply not investing in renewable energy as they have pledged to do. Claims to the contrary are nothing but greenwashing."