The world’s largest oil and gas companies ratcheted back investment in the energy transition in 2025, marking the first annual decline in eight years, according to
Spending on low-carbon technologies by oil and gas majors fell by more than a third over the past year, to $25.7 billion from more than $38 billion in 2024, according to a report published Wednesday.
Low-carbon spending accounted for 6.5% of the companies’ total capital expenditure compared to almost 10% the previous year. That’s the lowest share in five years, according to BNEF analysts