Shell and BP are scaling back renewable energy efforts

Big Oil Hits Pause on Green Dreams

Why it matters: Shell and BP are scaling back renewable investments to focus on their core oil business, testing the balance between profits and climate promises.

The big picture: BP is freezing 18 hydrogen projects while Shell's new leadership eyes competing with US oil giants, signaling a strategic retreat from aggressive green initiatives.

What's next: With EV adoption rising and oil demand expected to peak this decade, these energy titans face mounting pressure to justify their pivot back to fossil fuels while maintaining environmental commitments.

The bottom line: As oil profits continue to glitter, going green is taking a backseat - though companies insist they're just hitting pause, not reverse, on their climate goals.