Economies across the world are gradually transitioning to cleaner energy sources. There has been a steady increase in pressure on energy companies to act on climate change on multiple fronts. Most analysts believe that although renewable energy will meet future energy needs, it will not completely wipe out oil and natural gas demand. Demand for fossil fuels will also grow but at a slower pace.

The U.S. Energy Information Administration, in its Annual Energy Outlook 2023, revealed that through 2050, renewables will increasingly match power demand. Thus, there are abundant opportunities for energy companies with a footprint in oil and gas resources or transporting commodities and the renewable energy space. Three such companies are BP plc (BP Quick QuoteBP - Free Report) , Shell plc (SHEL Quick QuoteSHEL - Free Report) and Eni SpA (E Quick QuoteE - Free Report) .

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BP, a British energy giant, is planning to become a net-zero emissions player by 2050 or earlier. The integrated company intends to invest and create its renewable energy generation capacity of 20 gigawatts by 2025. The company also has strong upstream and downstream activities.

Shell also has the same ambitious target of becoming a net-zero emissions energy player by 2050 or earlier. By 2030, the integrated energy company plans to lower absolute emissions by 50%.

Eni is leading the energy transition as well. The integrated energy player has been building a full set of decarbonized products and services for clients to achieve carbon neutrality by mid-century. Even though the energy business scenario is challenging, Eni’s efficient exploration keeps it highly competitive.