Big Oil

The climate disclosure requirements are far weaker than originally outlined by the financial regulator two years ago.

Democrats lost control of the U.S. House of Representatives, ending a lengthy probe by the House Oversight Committee into the fossil fuel industry. But the inquiry uncovered extensive documentation that majors continue to mislead the public about their commitments to climate change.

A group of major investors led by activist shareholder Follow This have filed climate resolutions at four Big Oil companies.

Repsol said the flow of cash will help its strategic goal of investing 35% of its capital expenditure, or 5.5 billion euros, in low carbon projects in the 2021-2025 period.

Critics say the oil major is prioritising short-term profits over long-term global net zero goals.

Analysis carried out by independent thinktank InfluenceMap has found that there is a mismatch between major oil companies’ communication strategies to portray themselves as green and the companies’ plans for capital investment, which are still geared towards fossil fuel projects.