Fossil fuel companies control a mere 1% of renewable energy projects worldwide 

The fossil fuel industry is falling far short of its pledge to lead the energy transition, according to new research from the Institute of Environmental Science and Technology at the Universitat Autònoma de Barcelona (ICTA-UAB). The study shows that the world’s largest oil and gas companies are responsible for only 1.42% of renewable energy projects worldwide. 

The research, recently published in Nature Sustainability, challenges the dominant narrative promoted by the fossil fuel industry that positions itself as a key player in tackling climate change through “green” energy projects. 

Drawing on data from Global Energy Monitor, the study analyzes the world’s 250 largest oil and gas producers—responsible for 88% of global hydrocarbon output—and identifies 3,166 unique wind, solar, hydro and geothermal projects in which these companies have a stake, whether directly, through subsidiaries, or via acquisitions. 

The results show that only 20% of these 250 companies own a renewable energy project in operation, with renewable energy representing a mere 0.1% of their primary energy extraction. 

This failure to invest in renewables contrasts starkly with the industry’s repeated claims about playing a central role in cutting emissions. For the top 100 oil and gas companies, almost a quarter have set greenhouse gas reduction targets for 2030, with an average commitment of 43% cuts in their own operations, according to Zero Carbon Analytics. 

Marcel Llavero-Pasquina, researcher at ICTA-UAB and lead author of the study, said: “Oil and gas companies' renewable deployment is anecdotal at best. Their contribution to the fight against the climate crisis should be judged solely by how much fossil fuel they leave in the ground.” 

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

Llavero-Pasquina added: “After decades of empty words, 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.” 

Julia Steinberger, professor at the University of Lausanne, Switzerland, said the study confirms what is already known about the oil, gas and coal industries: that despite their green slogans, they are failing entirely in their transition to clean energy. “Despite slogans like ‘Liar, liar, planet on fire,’ fossil fuel lobby groups and think tanks continue to influence our politicians,” she warned. 

Kasandra O'Malia, Project Manager for the Global Solar Power Tracker at Global Energy Monitor, said: “Oil and gas companies simply aren’t investing in renewables like they’ve pledged. Claims to the contrary are greenwashing.”