Oil Majors Slash Renewables and Boost Biofuels

Oil Majors Give Up the Renewable Ghost - European oil majors are winding down investments into renewable energy projects after the double whammy of low returns and skyrocketing costs prompted them to look towards more profitable deals. - BP has halted 18 potential hydrogen projects already and is set to divest several existing wind and solar operations, similarly Shell which cut back on its 2030 carbon reduction target, leaving TotalEnergies the only major to stick to its initial commitments. - At the end of 2023, BP and Shell had 2.7 GW and 3.2…