European oil and gas majors: The road to a green business model

Before Covid-19, climate change and the trend towards a more sustainable world was already gaining importance. According to the Eurobarometer from last March, 91% of European citizens said they found climate change to be a serious problem in the EU, and 83% said European legislation is necessary to protect the environment.

Adding to the pressure from citizens and environmental organisations, investors have also started to demand that oil & gas majors take climate change and sustainability into consideration.

With the tremendous impact of the Covid-19 pandemic on oil prices, which had been depressed for some time already, European energy companies have announced new strategies which include a shift towards greener business models.

Carbon capture and storage, renewables, biofuels and electric vehicle charging stations are on the map. Other low carbon activities and products, such as hydrogen, are being considered. According to the European Union and its hydrogen roadmap, hydrogen could make up to 24% of the European energy mix by 2050.