Investors are abandoning the oil majors to honour their climate commitments. Despite the rapid recovery in oil prices this year, oil producers are lagging behind on the stock market, particularly in Europe.

More and more investors are turning away from the sector. And for good reason, the latter are running behind their climate commitments. Their investments in renewable energy are increasing and their climate commitments are increasingly ambitious.
Most of the major European investors (insurers, asset managers, pension funds, etc.) have committed to reducing the carbon footprint of their stock market investments in the coming years. The signatories of the "net-zero alliance", representing 4,000 billion euros of assets, aim for carbon neutrality by 2050.
Total's share price, now the fifth capitalization of the CAC 40 after having long been the first, has rebounded by 11% this year. A mixed performance, well below the surge of the Paris Stock Exchange (+15%) or that of Brent (+32%).
Britain's BP and Netherlands's Shell posted the biggest falls, with declines of 33% and 36% respectively since the end of 2019. It must be said that they cut their dividends during the crisis, with a division by two at BP and by three at Shell.