French energy giant TotalEnergies (TTEF.PA) has pulled ahead of rivals Shell (SHEL.L) and BP in the race to build up a renewables business, data collected by Reuters shows.
But despite the growing focus on the climate, investors remain cautious for now, with shares of the three European giants trailing their oil and gas-focused U.S. rivals Exxon Mobil and Chevron so far this year.
TotalEnergie’s shares have also significantly underperformed its British rivals, even after the company reported record profit in the third quarter of 2022 thanks to its thriving oil and gas operations and near-zero debt.
BP, Shell and TotalEnergies have all set out ambitious plans to shift towards low-carbon and renewable energies in the coming decades in an effort to slash greenhouse emissions to net zero.
While their spending remains mostly focused on oil and gas, they aim to grow investments in low-carbon in the coming years.