The world’s largest oil and gas producers are involved in less than 1.5 per cent of renewable energy projects globally, according to a new study by researchers at the Autonomous University of Barcelona, Spain.

The study examined 250 of the world’s biggest oil and gas companies, which together account for 88 per cent of global hydrocarbon production, and assessed their participation in 3,166 renewable energy projects, including wind, solar, hydro, and geothermal ventures.

“We find that the largest 250 oil and gas companies only own about 1.42 per cent of global renewable energy capacity currently in operation,” the authors wrote in the study published in the journal Nature Sustainability.

The findings highlight the limited role of fossil fuel majors in the global energy transition, underscoring that despite public commitments to sustainability, most major producers remain heavily invested in hydrocarbons while contributing minimally to renewable capacity expansion.

The research adds to growing calls for accelerated diversification in the energy sector as nations push towards net-zero emissions and greater climate accountability from legacy oil and gas companies.