Geopolitical disruptions like the invasion of Ukraine have weakened CEO incentives to prioritise the low-carbon transition amid high oil prices and evolving investor expectations.
BP, which had aimed for a 20-fold growth in renewable power this decade to 50 gigawatts, announced in December it would spin off almost all its offshore wind projects.
Shell largely stopped investments in new offshore wind projects, exited power markets in Europe and China, and weakened carbon reduction targets.
Equinor explained that the offshore wind segment has been through demanding times due to inflation, cost increases, bottlenecks in the supply chain.
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