The report in contrast the quantity of renewable electrical energy generated by the businesses (wind, photo voltaic, geothermal and hydro) with the quantity of vitality they supply via their very own oil and fuel manufacturing.
Shell and BP generated simply 0.02% and 0.17% of vitality from renewable sources in 2022 respectively, the evaluation claimed.
Meanwhile, the businesses’ funding in inexperienced vitality was a fraction of that in fossil fuels over the 12 months, it discovered.
For BP, 97% went in the direction of fossil fuels whereas the corporate decreased investments in renewable merchandise in comparison with 2021, whereas 91% of Shell’s funding went in the direction of fossil fuels, it stated.
Greenpeace accused the oil majors of greenwashing, saying the corporations featured offshore wind and photo voltaic vitality extensively of their annual studies and advertising.
The group’s analysis stated BP was an instance of corporations that had “endless repetitions of the same vague sustainability goals” of their reporting.
By method of instance, it added that the BP has been promoting its renewables ambitions for years however its studies from 2022 don’t give a quantity for the quantity of wind and solar energy they’ve generated within the 12 months.
BP additionally counts its investments in comfort shops at petrol stations as “low carbon” and makes use of an excellent broader method for its transition development capital expenditure, the analysis added.
For Shell, the evaluation discovered the agency’s reporting confirmed a “clear misrepresentation” of numbers on its “renewable capacity” for the 2022 monetary 12 months, reporting it as 6.4 gigawatts.
However, a footnote stated this consists of crops which are nonetheless underneath development or dedicated on the market and Shell’s precise 2.2 gigawatts capability on the finish of 2022 was printed elsewhere in its reporting.
Shell additionally counts something that produces even a fraction much less emissions than standard oil or fuel as “low carbon”, the analysis added.
It comes as each oil majors have confronted criticism this 12 months for rowing again on their inexperienced targets.
Governments must cease enabling fossil gas corporations, closely regulate them, and plan our fossil gas phase-out now. They won’t ever change on their very own
Kuba Gogolewski, finance campaigner at Greenpeace central and japanese Europe, stated: “As the world endures unprecedented heatwaves, deadly floods and escalating storms, big oil clings to its destructive business model and continues to fuel the climate crisis.
“Their already inadequate decarbonisation plans are an empty shell; instead of providing desperately-needed clean energy, they feed us greenwashing garbage.
“Big oil’s unwillingness to implement real change is a crime against the climate and future generations.”
The Greenpeace report additionally stated all 12 corporations, on common, nonetheless derive 99.7% of vitality from fossil gas sources.
The evaluation steered that inexperienced vitality accounts for a mean of simply 7.3% (£5.61 billion) of funding whereas 92.7% (£69.58 billion) continued to fund fossil gas actions and, in some instances, growth.
Greenpeace has accused the businesses of undermining local weather motion via greenwashing jargon, selling carbon seize and storage (CCS) and carbon offsetting, deceptive diagrams of their focus and actions, and publishing solely partial knowledge.
The report stated that whereas the 12 corporations have publicly dedicated to reaching “net zero” by 2050, none have developed a coherent technique to get there, with the overwhelming majority planning to keep up and even enhance their oil and fuel manufacturing till no less than 2030.
The environmental group is urging European governments to tax the income of fossil gas corporations to pay for the low-energy transition.
It can also be calling for stricter regulation to stop fossil-fuelled local weather destruction and to implement funding in inexperienced infrastructure.
Mr Gogolewski stated: “Governments need to stop enabling fossil fuel companies, heavily regulate them, and plan our fossil fuel phase-out now. They will never change on their own.”
He added that governments ought to agree on an in depth street map to part out oil and fuel throughout Europe, beginning with measures to shift closely polluting oil and fuel sectors like transport.
The report authored by political scientist Dr Steffen Bukold included evaluation of BP, Shell, Eni, Equinor, Repsol, and TotalEnergies, in addition to OMV, PKN Orlen, MOL, Wintershall Dea, Petrol Group and Ina Croatia.
BP stated the Greenpeace report is inaccurate and “misrepresents its investments and strategies”.
The oil main stated the determine of 97% in fossil gas funding is “completely wrong”.
The agency added that its technique consists of quickly rising investments in a variety of non-fossil gas companies, like biofuels and biogas, hydrogen, renewables and energy, EV charging and comfort.
It additionally stated that 30% of its capital expenditure in 2022 went into these companies, together with its acquisition of main US biogas firm Archaea.
A spokesperson for Shell stated: “We are planning to invest 10-15 billion dollars across 2023 to 2025 to support the continued development of low-carbon energy solutions including biofuels, hydrogen, electric vehicle charging and CCS.
“It remains our view that global energy demand will continue to grow and be met by different types of energy – including oil and gas.
“The pace of the transition from fossil fuels to low-carbon energy depends on many things including government policy and regulations, affordability of energy, the development of new technologies, and, importantly, changing customer demand.”
