The Majors: positioning in low-carbon energy (2024 update)

Shell and BP dialled back the scope and ambition of their energy transition strategies in 2023. The more measured approach to low carbon signals that companies cannot run too far ahead of societal progress. But low carbon still accounts for around half of the Euro Majors’ projected spend in 2030. ExxonMobil also increased its low-carbon budget in 2023. Low carbon strategies continue to broader out. Capital allocation into low-carbon molecules will increase over the next five years as the Majors derisk initial projects. The capture of opportunities in adjacent sectors such as lithium is a new theme. Find out how each company is performing across our proprietary low-carbon metrics in solar, wind, CCUS, biofuels, lithium and hydrogen.