By Goldman Sachs has sparked fierce debate with data showing fossil fuel profits currently fund 68% of global decarbonization projects—a reality they argue makes hydrocarbons indispensable to the energy transition. Their report reveals oil/gas firms will generate $2.1 trillion in transition-ready cash flows through 2030.
The analysis shows:
Strategic gas investments enable developing nations to phase out coal 3x faster than through renewables alone (Goldman case studies: Bangladesh, Vietnam)
• Oil majors now operate 72% of operational carbon capture projects worldwide
• Every 1 billion in oil profits funds 300 million in renewable R&D
“Divesting from hydrocarbons now would starve the transition of its primary funding source,” argues Goldman’s energy team. They cite Chevron’s geothermal and Exxon’s hydrogen ventures as examples of scalable solutions emerging from traditional energy balance sheets.
The report coincides with new IMF data showing countries with strong oil/gas sectors achieve faster renewable adoption rates. Norway (oil-funded) and UAE (ADNOC-backed) now lead per-capita clean energy investment.