Table 1 Commitments made by the world’s five largest fossil fuel corporations (excluding state-owned corporations) to share buybacks versus investing in renewable and low carbon energy

ExxonMobil

Between 2002 and 2021, ExxonMobil spent an estimated US$318 billion on share buybacks and US$243 billion on dividends (constant 2021 USD)

During the first three quarters of 2022, Exxon spent US$10.5 billion on share buybacks as part of a US$30 billion program to be completed by the end of 2023. During this time, the company also spent US$11.2 billion on dividends.

Between 2002 and 2021, Exxon Mobil invested more than US$10 billion in research, development, and implementation of ‘lower emission’ energy solutions (value not adjusted)

Between 2022 and end of 2027, Exxon has committed more than US$15 billion towards initiatives that will reduce emissions from their operations and advance opportunities in their Low Carbon Solutions business

Shell

Shell spent US$19.9 billion on share buybacks and US$47.5 billion on dividends between 2018 and 2021 (constant 2021 USD)

Shell spent US$14.5 billion on share buybacks during the first three quarters of 2022 and plans to spend another US$4 billion during the fourth quarter of 2022. The company spent US$5.6 billion on dividends during the first three quarters of 2022.

In 2020, Shell committed to investing US$2–3 billion in its ‘Renewables and Energy Solutions’ business. In 2021, Shell invested US$2.4 billion in this business.

Shell aims to invest US$3 billion in its ‘Renewables and ‘Energy Solutions’ business in 2022

Total Energies

Total Energies spent approximately US$10 billion on share buybacks and US$31 billion on dividends between 2017 and 2021 (constant 2021 USD)

Total Energies spent US$5 billion on share buybacks and US$5.6 billion on dividends during the first three quarters of 2022

Total Energies invested more than US$10 billion in renewable energy between 2017 and 2021 (value not adjusted)

Total Energies aims to invest more than US$60 billion in renewable power generation capacity by 2030

Chevron

Chevron spent approximately US$9.5 billion on share buybacks and US$39 billion on dividends between 2018 and 2021 (constant 2021 USD)

Chevron spent US$7.5 billion on share buybacks and US$8.3 billion on dividends in the first three quarters of 2022

Between 2018 and 2020, Chevron invested approximately US$1.1 billion in a range of carbon capture, utilisation, and storage projects. By July 2021, Chevron had made US$500 million worth of commitments to its low-carbon venture funds (value not adjusted).

In 2021, Chevron committed to US$10 billion in ‘lower carbon investments’ by 2028

BP

BP spent approximately US$6.4 billion on share buybacks and US$32.6 billion on dividends between 2017 and 2021 (constant 2021 USD)

BP spent around US$6.8 billion on share buybacks and US$3.3 billion on dividends in the first three quarters of 2022

BP allocated US$4.2 billion to low carbon investments between 2017 and 2021 (value not adjusted)

BP aims to increase low carbon investments from the US2.2 billion it made in 2021 to US$3–4 billion per year by 2025