Oil, Gas Majors Cut Green Spending for First Time Since 2017

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 BloombergNEF.

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 Claudio Lubis and David Doherty, the report’s ...