European oil companies like BP, Shell, and Equinor have started to slow down their energy transition plans in favor of returning to traditional oil and gas production. This shift can be attributed to the energy market shock caused by the Russian invasion of Ukraine and the declining profitability of renewable energy projects due to rising costs, supply chain issues, and technical difficulties.
These companies are now focused on investing in oil and gas projects to improve their performance and returns, while some are limiting their investments in low-carbon energy sources. Analysts predict that this trend could impact the energy sector’s ability to meet climate goals and that European oil giants may struggle to balance low-carbon investments with shareholder expectations.
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