Hibapress
Many energy companies are abandoning their ambitions to move away from fossil fuels, according to a new report.
More than three-quarters of pipeline and refining companies still have an energy transition strategy, the Energy Transition Insights 2024 report says, although the number of companies with such plans has declined sharply since 2023.
According to the survey, this shift reflects a decline in climate ambitions among energy giants.
Between 2023 and 2024, the number of respondents who expected their company to achieve its transition goals by 2030 fell from 75% to 61%.
Over the same period, the number of people who expected their company’s transition to last until 2050 nearly doubled, from 17% in 2023 to 31% in 2024.
The survey also showed a 46% increase in the total number of energy companies using little or no clean energy and a 40% increase in those for which renewables made up the majority of their energy use.
The report notes that green investments continue to grow, adding that the number of people who expect their companies to increase their investment in renewable energy by 40% over the next three years has quadrupled compared to last year.
