OIL giants Shell and BP stood accused of “greenwashing” today after a new report found they have failed to move “beyond petroleum” despite promises to invest in renewables.

Greenpeace commissioned political scientist Dr Steffen Bukold to analyse the annual reports of a dozen European companies to compare investments in and production from fossil fuels and renewables, including Shell and BP.

The Greenpeace study argues that the two firms’ recent cash bonanzas were not directed towards expanding green energy, which formed just 0.02 per cent and 0.17 per cent of their energy outputs in 2022 respectively.

Instead Shell spent 91 per cent of its cash on fossil fuels last year, while BP – despite adopting the “Beyond Petroleum” moniker two decades ago – actually cut renewables investment, pumping 97 per cent of its cash into oil and gas.

Greenpeace has accused the firms, which rely heavily on renewable energy imagery in their advertising, of “greenwashing” their activities amid “endless repetitions of … vague sustainability goals.”

Greenpeace central and eastern Europe finance campaigner Kuba Gogolewski said: “As the world endures unprecedented heatwaves, deadly floods and escalating storms, big oil clings to its destructive business model and continues to fuel the climate crisis.

“Their already inadequate decarbonisation plans are an empty shell; instead of providing desperately needed clean energy, they feed us greenwashing garbage.

“Big oil’s unwillingness to implement real change is a crime against the climate and future generations.

“Governments need to stop enabling fossil fuel companies, heavily regulate them, and plan our fossil fuel phase-out now.

“They will never change on their own.”

BP said the Greepeace report “misrepresents its investments and strategies,” while Shell insisted global demand will be met by different types of energy – including oil and gas.