17:10 - 11.12.2024

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December 11, Fineko/abc.az. British companies BP and Shell have decided to abandon ambitious goals to become major players in the electric power industry after weak progress and widespread skepticism about renewable energy sources, ABC.AZ reports, refering to the Financial Times.

Over the past 5 years, oil giants have spent $18 bn for such purposes.

A few years ago, Shell set itself the goal of becoming the world's largest electric power company, and its representatives predicted that revenues from electricity would equal profits from oil and gas by 2030.

BP, in turn, promised to increase spending on green energy 10-fold to $5 bn a year by the end of the decade and expand its renewable energy business 20-fold up to about 50 GW.

However, BP and Shell are now planning to reduce investments amid a drop in their shares this year more than by 16% and 2%, respectively.