Oil Giants forgetting Green ideas
US Government plans to spend $150 billion in the next ten years on the quest for a clean energy future. However, Giant oil companies have forgotten their Green initiatives: Shell stopped its projects related to wind, solar and hydrogen. Shell’s only efforts in renewable energy will focus on Biofuels. British Petroleum has significantly reduced its renewable energy research.
Green energy seems to be only a PR/advertising tool for Oil Giants. Since 2004, Shell invested $1.7 billion on alternative energy sources but its investment in oil and gas sum $87 billion. The top five oil companies have contributed with about 10% of the total amount spent on renewable sources, the remaining 90% was invested by corporate investors and capital funds.
In my opinion, Federal Government is doing a good job providing funds to provide incentives for the development of clean energy alternatives. In my opinion, it would be more effective to establish a price on CO2 emissions: Oil companies would really focus its efforts towards clean energy sources because their profits could be damaged if they don't avoid pollution.