Outlook 2022: European IOCs lead decarbonisation race

The region’s foremost operators are frontrunners in the global shift to lower-carbon energy

Corporate environmental policies have never faced such scrutiny before. Global net-zero carbon commitments are on the rise and pandemic-hit nations are putting environmental impact and low-carbon strategies at the heart of their recovery plans. The long-awaited Cop26 climate conference is only adding to this ESG pressure. When it comes to decarbonisation and transitioning into integrated energy companies (IECs), European oil majors are undoubtedly setting the pace among global competitors. BP aims to increase its annual low-carbon investment tenfold, to around $5bn/yr, by 2030. Not far behind, Shell will increase its investments to a more modest $2-3bn in the near future. BP is taking the mo