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Energy Firms Ramp Up Fossil Fuel Investments

Energy Firms Ramp Up Fossil Fuel Investments

In 2024, major European energy companies like BP and Shell have dramatically shifted focus back to oil and gas, abandoning previous climate commitments amid geopolitical tensions and economic pressures. Following high oil prices and changing investor expectations, BP has spun off its offshore wind projects and Shell has curtailed renewable investments, as global carbon emissions are projected to soar. With a climate-sceptic Donald Trump potentially returning to power, the future of climate initiatives looks increasingly grim.
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