What Happened to Big Oil's Green Pivot?

AI Summary

Big Oil's transition toward green energy has become more selective, despite initial expectations of a broad shift toward renewables like wind, solar, and hydrogen. Oil majors continue making strategic investments but focus more cautiously on clean energy projects as exemplified by recent moves from companies like Equinor.

Over the past 20 years, the story seemed straightforward. Big Oil would gradually become Big Energy. Over time, oil majors would use their balance sheets, engineering expertise, and global project-management skills to build wind farms, solar projects, hydrogen hubs, carbon capture networks, and renewable power businesses. Big Oil did make major investments in renewables. And that transition is still happening in parts of the energy sector. But among the oil majors, the strategy has become far more selective. The latest example is Equinor. The Norwegian…