CMS commissioned research consultancy Capital Economics to assess and evaluate how far some of the largest international oil and gas companies are committed to new and alternative ways of generating energy or otherwise responding to the energy transition.
The major European firms (especially Repsol and Shell) have so far made more progress than their American counterparts (such as Chevron, ExxonMobil and ConocoPhillips), while national oil companies (such as Pemex, Lukoil and CNPC) are more constrained in their ability to diversify, often due to more stringent government policies and regulatory frameworks within which they operate
In 2018, the majors invested $6.6 billion into renewables, equivalent to roughly 3 percent of their combined 2018 capex budgets. Companies with larger oil reserves are typically less diversified in renewable energy.
Wind and solar technologies are the most common renewable investment among the oil and gas majors, while very few have st
