Letter from Amsterdam: Europe’s IOCs first out of the blocks
As investor sentiment shifts, companies that align with the transition have a significant competitive edge
Europe’s biggest oil companies are all making strategic changes to mitigate future climate risks, a move spurred by investor, societal and political pressures that have given the firms a head-start in the energy transition race over competitors from less climate-focused regions. ‘Net zero by 2050’ has been the catchphrase among European IOCs over recent months. All of Europe’s biggest oil companies—BP, Total, Shell, Norway’s Equinor and Italy’s Eni—have committed to getting as close as possible to eliminating their carbon emissions by the middle of this century. Shell, Equinor and Eni have gone as far as including scope three emissions—the carbon released by their customers. North Amer
Also in this section
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment