Big Oil divested assets worth $198 billion in the five years to 2020, BloombergNEF has calculated, but has not used the proceeds to invest in green energy. Instead, the report says, the proceeds from the divestments—four times greater than what Big Oil spent on green energy in the period—were used to pay down debt, distribute dividends, and launch new oil and gas projects. In light of the recently released report by the Intergovernmental Panel on Climate Change, this will likely infuriate some. On the other hand, in light of surging…
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