Introduction: A Renewable Revolution—Or Just Business as Usual?
Renewable energy is supposed to be the great disruptor—the solution that frees us from the grip of fossil fuel giants. But what if the companies that built their empires on oil, coal, and gas are now the same ones controlling the future of renewables?
Major fossil fuel corporations, including BP, Shell, ExxonMobil, and TotalEnergies, have spent billions branding themselves as leaders in the clean energy transition. Yet, at the same time, they continue to expand their fossil fuel operations, raise oil production targets, and influence global energy policy. So, is this transition truly about sustainability, or is it just a new way for the same players to maintain control and profitability?
In this article, we’ll follow the money, uncover corporate greenwashing, and explore whether the renewable energy shift is genuinely about clean energy—or just business as usual under a different name.
Corporate Greenwashing: The Fossil Fuel Industry’s Makeover
Oil Companies Rebranding as Green Energy Leaders
Over the past decade, fossil fuel corporations have launched massive public relations campaigns positioning themselves as champions of the renewable energy movement. Examples include:
- BP rebranded as “Beyond Petroleum”, pledging billions in renewable energy investments.
- Shell has invested in wind and solar projects while simultaneously increasing natural gas production.
- TotalEnergies aims to reach 100 GW of renewable energy capacity by 2030, yet still aggressively expands its oil and gas drilling.
- ExxonMobil, known for its past skepticism toward climate science, has begun acquiring carbon capture and biofuel startups while maintaining its dominance in global oil markets.
On the surface, these investments suggest an industry that is shifting toward sustainability. But do these companies actually intend to replace fossil fuels, or are they simply using renewables to maintain market dominance?
How Green Are Their Investments—Really?
Despite grand announcements, the percentage of capital expenditure on renewables compared to fossil fuels remains strikingly low:
- BP (2023): 75% of total investments still go to oil & gas.
- Shell (2022): Less than 10% of its total capital expenditure was in renewable energy.
- ExxonMobil (2023): Invested more in new oil exploration than in clean energy solutions.
- TotalEnergies (2023): While expanding renewables, 40% of its investment budget remains dedicated to fossil fuel expansion.
The takeaway? Renewables are being added—but not replacing fossil fuels.
Who Really Owns Renewables? Following the Money
While many believe the rise of renewables will decentralize energy production, a closer look reveals a different reality. Some of the biggest solar and wind projects worldwide are not owned by independent, green startups—they are controlled by the same mega-corporations that have long dominated fossil fuels.
- Shell owns major offshore wind farms across Europe and North America.
- BP has controlling stakes in solar farms and hydrogen energy ventures.
- ExxonMobil is entering biofuels and carbon capture—technologies that could allow it to profit while still burning oil.
- Saudi Aramco, the world’s largest oil company, has started investing heavily in renewables—but only as a complement to its continued oil dominance.
Are Renewables Actually Reducing Fossil Fuel Dependence?
If these energy giants control both fossil fuels and renewables, does that mean we are still trapped in a system where energy choices are dictated by profit rather than sustainability?
Many nations claim to have increased their renewable energy percentage, but in reality, their fossil fuel consumption remains steady—or even increases—as renewables serve as an add-on rather than a replacement.
The Role of Government Subsidies: Who Benefits?
Governments worldwide have poured trillions into renewable energy subsidies, claiming to accelerate the transition. But these subsidies don’t always go to small innovators or public energy projects—in many cases, they are funneling money directly into the hands of oil and gas giants:
- BP and Shell receive subsidies for wind and solar farms while still profiting from fossil fuels.
- Saudi Aramco receives government incentives for carbon capture technology, even as it expands oil drilling.
- ExxonMobil benefits from U.S. tax breaks for developing lower-carbon fuels while lobbying against stronger climate policies.
If the goal is energy independence and sustainability, why are the same corporations still receiving public funding while controlling energy markets?
Is True Decentralization Possible? The Battle for Energy Freedom
One of the biggest promises of renewable energy was decentralization—the idea that energy could be produced locally, reducing dependence on giant corporate utilities. Solar panels on rooftops, local wind farms, and community-based energy grids were supposed to empower people.
Yet, what we see instead is a concentration of renewable assets in the hands of major corporations. Independent and community-led energy projects often struggle to secure funding, while governments continue favoring big energy players.
What Would a Truly Independent Energy Future Look Like?
Instead of handing over renewables to fossil fuel giants, real solutions could include:
- Publicly owned renewable projects that reinvest profits into local communities.
- Decentralized energy grids that prevent monopoly control.
- Stronger regulations to prevent greenwashing and ensure real emissions reductions.
Conclusion: A Renewable Energy Revolution—Or Just Business as Usual?
The transition to renewable energy isn’t just about sustainability—it’s about power and control. If the same corporations that built their wealth on fossil fuels now dominate.
Further Reading
For a deeper exploration of corporate influence in renewable energy, these books, reports, and investigative articles provide valuable insights:
Books:
Renewable Energy: A Primer for the Twenty-First Century [amazon.com]
Bruce Usher
A broad but realistic look at the challenges and economics of renewable energy.
The Political Economy of Clean Energy Transitions [amazon.com]
Edited by Douglas Arent, Channing Arndt, Mackay Miller
Examines the financial and policy frameworks shaping renewable energy worldwide.
Green Fraud: Why the Green New Deal is Even Worse Than You Think [amazon.com]
Marc Morano
Explores the economic and political forces behind the global push for renewables.
As an Amazon Associate, we earn from qualifying purchases at no extra cost to you.
Reports & Studies:
World Energy Investment 2024
International Energy Agency (IEA)
A comprehensive analysis of clean energy investment trends and the growing role of fossil fuel corporations in renewables.
A New World: The Geopolitics of the Energy Transformation
International Renewable Energy Agency (IRENA)
Examines how renewable energy is reshaping global power structures, raising questions about corporate control.
How Federal Wind Farm Subsidies Enrich Foreign Corporates and Leave Australians Worse Off
Institute of Public Affairs (IPA) (2024)
Investigates how energy subsidies often benefit foreign investors and fossil fuel-linked corporations.
Capitalizing on Clean Energy: Foreign Direct Investment Trends [PDF]
U.S. Department of Commerce
A deep dive into how foreign capital is shaping the renewable energy sector and its risks to national energy sovereignty.
Investigative Articles & Press Releases:
Financial Times: BP goes back to petroleum
BP’s green pivot still dominated by fossil fuels
https://www.ft.com/content/c7fab097-ecb7-469a-86cd-37fca4ca8e2a
Carbon Credits: ExxonMobil, Shell, and Chevron’s net-zero promises vs. actual investments
https://carboncredits.com/big-oils-showdown-how-shell-chevron-exxonmobil-balance-big-profits-with-net-zero/
ClientEarth: 9 Examples of Fossil Fuel Company Greenwashing
https://www.clientearth.org/latest/news/revealed-9-examples-of-fossil-fuel-company-greenwashing/
American Progress: How Fossil Fuel Companies Influence Clean Energy Policy
https://www.americanprogress.org/article/these-fossil-fuel-industry-tactics-are-fueling-democratic-backsliding/
These readings provide further depth into the themes discussed in this article, helping to navigate the intersection of energy policy, national sovereignty, and economic impact.
More From Critical Mindshift
For a deeper dive into the complexities of renewable energy, explore these related articles:
Renewable Energy Projects Divide Australian Farming Communities: Opportunity or Disruption?
The rapid expansion of renewable energy projects has sparked tensions in rural communities. While some landowners welcome the economic benefits, others face land disputes, rising costs, and environmental concerns. This article explores both sides of the debate and whether these projects truly serve local interests.
Renewable Energy and Community Integration: Success Stories from Rural Australia
Despite the challenges, some renewable energy projects have successfully integrated into farming communities, bringing local benefits and long-term sustainability. This article highlights real-world examples where renewable initiatives have worked—and what lessons can be learned for future projects.
Is Renewable Energy Really Renewable? Examining the Hidden Costs
The term “renewable” suggests an endless energy source, but is that really the case? This article takes a critical look at the full lifecycle of renewable energy, uncovering the hidden environmental, economic, and geopolitical costs that often go unnoticed.
Image acknowledgement
Feature image licensed via Depositphotos.com, edited using canva.com
