Renewable energy technologies have experienced a breakthrough in recent years, and their deployment has continued to rise despite the uncertainties of the COVID-19 crisis. Similarly, the surge in climate-friendly commitments and the pressure to accelerate the energy transition from investors, consumers and governments have intensified since the outbreak of the pandemic. A rising number of countries have been complying with the decarbonisation targets agreed to in the Paris Agreement, as well as setting pledges to reach net-zero emissions by mid-century.

These circumstances, together with the economic downturn associated with the pandemic (i.e., very low and negative oil prices) have presented significant challenges and threats to the activities of international oil companies. As such, these companies are progressively repositioning themselves in the energy industry, with investments, and commitments on further investments, in renewable energy solutions, energy efficiency, and other clean technologies as well as defining new or more ambitious emission reduction targets. However, this raises the question to what degree these climate commitments and investments in clean technologies indicate that international oil companies are transforming into energy companies to reduce greenhouse gas emissions, at the speed required to limit global warming.