I recall 10 years ago when an oil & gas company was in the process of re-branding themselves and wants to call them "The Energy Company" given that the thrust for organizations and governments were geared towards reduction of greenhouse emissions caused by fossil fuels. This was also promoted heavily by environmentalists and climate change advocates who have added to the mounting pressure that these companies have to tackle. Not to discount as well the heavy tax burdens for these companies to operate.

But the sheer reality is that whilst there is technology available to harness these clean sources (solar, wind, wave, etc.), these companies cannot easily abandon the investment that they already have in terms of infrastructure, process and technology in the extraction of current sources. It goes alongside that the demand for fuel fossils is in essence a never-ending demand that needs to be supplied, for which supplying them makes a lot of business sense.

Look around the street corner and count the number of vehicles that rely on traditional energy source (gas, diesel) as opposed to the vehicles that require other form of energy (electric). The ratio is probably 100:1. Even with the advancements in the field of being able to fully harness the energy provided by fossil fuels (and thereby minimizing consumption), it is still a stark reality that the demand for it is there.

Oil companies are certainly looking beyond fossil fuels, but until there is an actual business incentive to go full thrust on renewable energy vs gas/diesel/fossil fuels, then the latter is here to stay in the long run.