In recent weeks, we have seen a series of material low-carbon investments from some of the world’s largest fossil fuel companies. ExxonMobil is investing in carbon-capture fuel cells, Statoil continues its push into offshore wind and Total has bought a battery company to “accelerate its development in renewable energy and electricity”. But fossil fuel companies have tried moving into low-carbon energy before, only to be disappointed. Take for instance, BP’s attempt to progress “beyond petroleum” over 10 years ago. Why is this time any different? Wood Mackenzie looks at why oil, gas and coal companies are diversifying into clean energy – and how their low-carbon strategies are beginning to diverge.