Government Energy Policy, Business and Technology

Coronavirus widens climate rift between European and U.S. oil majors

Reuters: Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives.

The plans of companies like BP (BP.L), Royal Dutch Shell (RDSa.L) and Total (TOTF.PA) are in step with the European Union’s efforts to transition to a lower-carbon economy and away from a century-old reliance on oil, and reflect the region’s widening rift with the United States where both the government and the top drillers are largely staying committed to oil and gas.

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