The Majors’ energy transition: a viable strategy for the future or a window dressing exercise?

Investor, regulatory and consumer pressures continue to drive the Majors’ diversification into renewables. But the US and Euro Majors are becoming increasingly differentiated in their approaches, as structural differences in their upstream portfolios and different degrees of external pressures shape their strategies. We analyse the Majors’ evolving clean energy strategies, which range from risk mitigation to growth across the electricity value chain. We look into each of their renewables portfolios and how they have evolved over the past decade. We compare the Majors’ current level of spend in renewables to their total capex and put their wind and solar capacities into a global context.