European firms have been accused of spreading a false narrative about cutting greenhouse gas emissions. Greenpeace asserts that some multinationals are involved in what it calls green laundering, a term used to describe efforts to appear more eco-friendly than they are in reality.
The Greenpeace study, titled Dirty Twelve: Green Laundering of 12 European Oil Companies, charges that many of these companies continue to invest heavily in fossil fuels despite presenting a decarbonisation commitment and talking up renewable energy plans. Greenpeace notes a stated goal of reaching zero emissions by 2050, yet casts doubt on the credibility of these declarations.
Greenpeace described this report as part of a broader warning about a climate emergency marked by record heat, droughts, and extreme weather in recent years. The organization argued that such events underscore the need for genuine action in reducing emissions and shifting investment toward sustainable energy solutions.
Oil platform and energy industry imagery are referenced in association with the topic, linking the case to specific players seen as emblematic of the debate around Europe’s energy transition.
Droughts, heatwaves, and large fires have affected Spain and other regions, with consequences for families and agricultural workers alike, according to the study.
Repsol case
The report claims that in 2022 Repsol derived a very small share of its energy from renewable sources, with a dominant portion coming from oil and gas activities. It notes that investments favored fossil fuels far more than clean energy projects.
According to Greenpeace, Repsol remained a leading emitter among large economies, with emissions rising and profits increasing compared with the prior year. The NGO argues that the company’s advertisements mislead the public about its progress toward decarbonisation, even though it was one of the first to announce a net-zero by 2050 pledge in 2019.
Greenpeace further contends that Repsol’s decarbonisation plan lacks credibility because it relies on solutions such as biofuels that would not effectively reduce emissions.
Europe: marginal investments in clean energy
Among the European firms studied, the report indicates that renewable electricity accounted for a small fraction of total energy production. It states that only a limited portion of investments can be classified as truly low carbon, while the majority continues to support oil and fossil gas operations, even when other green technologies are considered.
The analysis highlights that a small share of funding goes toward renewable projects like solar, wind, hydro, geothermal, and green hydrogen, while the bulk remains tied to the extraction and use of fossil fuels.
Visual material in the report emphasizes the discrepancy between stated environmental commitments and actual business practices, arguing that the path to a sustainable future requires real changes rather than superficial campaigns.
Greenpeace contends that continuing high profits for energy companies can intensify climate risks and economic instability if they fail to address emissions in a meaningful way. It stresses that the core business involves fossil fuels and that this reality drives a substantial portion of emissions in the sector.
More profits from the Ukrainian war
The study notes that the war in Ukraine, along with spikes in oil and gas prices, helped lift energy company profits in 2022. It argues that rather than expanding climate mitigation measures, some firms used gains to boost shareholder returns and fund further fossil fuel investment.
Pedro Zorrilla, Greenpeace spokesperson for Fossil Fuels and Climate Change, argues that the large profits seen by oil companies should not translate into worsening climate impacts or higher costs for health and livelihoods. He asserts that promises of decarbonisation have not led to a fundamental change in business models.
Images in coverage describe rising oil prices as a backdrop to the ongoing debate over energy policy and climate responsibility, underscoring what Greenpeace sees as environmental misalignment in the sector.
For this reason, Greenpeace advocates stern regulatory action. It calls on governments to curb subsidies to fossil fuels and to implement policies aimed at cutting emissions by a substantial margin by 2030 and achieving deep decarbonisation by 2040.
The group presses European authorities to establish stricter oversight of the fossil fuel industry, including mandatory investments in genuinely green infrastructure, careful management of idle assets, and robust tax provisions tied to benefits. It also argues for a ban on misleading advertising and stronger reporting and due diligence on human rights impacts in third countries.
The full report is available through Greenpeace materials and is cited as arising from ongoing watchdog activity in the energy and climate arena. Future developments will likely be shaped by how governments respond to calls for tighter regulation and higher transparency in energy investment decisions.
Notes: The Greenpeace document presents the organization’s analysis and conclusions, reflecting a perspective on market incentives and environmental accountability in Europe’s oil and gas sector.