European oil and gas supermajors are slowly ramping up commitment to the energy transition but the wider petroleum industry has “remained steady in its identity and role” in the global energy mix, with the sector investing less than 1% of its capital in non-fossil-based projects – making climate action targets “very challenging to reach”, according to Capgemini’s latest World Energy Markets Observatory (WEMO) report.

SIGN UP FOR OUR NEW ENERGY TRANSITION NEWSLETTER