European Oil Majors Shift Focus Away from Renewables

BP, Shell, and Equinor are scaling back their renewable energy initiatives due to challenges like the energy crisis from Russia's invasion of Ukraine and reduced profitability in renewables. BP plans to invest heavily in oil and gas, halting several low-carbon projects, while Shell is also reducing its low-carbon operations to improve performance and returns. This shift raises concerns about whether these companies have retained enough skilled staff to support their renewed focus on oil and gas.