Oil Giants Retreat from Green Ventures Amid Investor Apathy

Oil majors are scaling back on green projects due to waning investor interest, high costs, and limited financing, as stated by Rosneft CEO Igor Sechin. Despite global carbon neutrality goals, investment firms have cooled on clean energy stocks, influenced by the challenges in meeting ambitious renewable targets.

Oil giants are reevaluating their commitments to green energy initiatives as investor enthusiasm wanes. High costs, elusive targets, and financing hurdles are key challenges, according to Rosneft CEO Igor Sechin, a notable critic of the green sector.

Russia and China aim for carbon neutrality by 2060, trailing developed nations by a decade. President Putin has questioned Europe's green policies' motives, particularly Germany's energy strategy on coal.

Sechin argues that the market's appetite for renewables has diminished, citing slumping renewable stock values and halted green projects by industry leaders like Chevron, Shell, and BP due to rising costs and technical issues.

(With inputs from agencies.)