A Greenpeace-commissioned study has accused twelve major oil firms, including Shell and BP, of greenwashing by exaggerating their renewable energy efforts.
The research scrutinised the 2022 annual reports of the companies, evaluating their renewable electricity generation against their oil and gas production.
Shell and BP were found to have generated only 0.02% and 0.17% of energy from renewables in 2022, respectively, with the majority of their investments still directed towards fossil fuels.
The report revealed that on average, just 7.3% of investment (£5.61 billion) was allocated to green energy, while 92.7% (£69.58 billion) went into fossil fuel activities.
Greenpeace criticised the oil majors for vague sustainability objectives and misleading data, asserting that none of them had a coherent plan for achieving "net zero" emissions by 2050.
The organisation called for stricter regulations, taxation of fossil fuel company profits, and a phased transition away from oil and gas in Europe.
Both BP and Shell disputed the report's accuracy, highlighting their growing investments in non-fossil fuel sectors.
BP refuted the claim that 97% of its investments were in fossil fuels, asserting its commitment to renewable ventures and acquisitions.
Shell announced plans to invest $10-15 billion between 2023 and 2025 in low-carbon solutions like biofuels, hydrogen, EV charging, and carbon capture and storage.