The West's biggest energy companies are plowing tens of billions of dollars back into oil and gas extraction rather than pursuing the kind of large-scale transition to green energy sought by environmentalists.
extraction rather than pursuing the kind of large-scale transition to green energy sought by environmentalists.
Still, the company continues to see the most value in oil and gas. For this year alone, upstream spending, or spending geared toward oil and gas exploration and production activities, is expected to be approximate to Exxon's six-year budget for lower-carbon business opportunities. BP recently shifted gears and amended previous capital plans that provided for slowing oil production to reduce emissions. BP now intends to decrease oil production by 25% by 2030, down from a previous target of 40%.
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