John Kerry frustrated oil companies aren't interested in costly renewable business

Special Presidential Envoy for Climate John Kerry said Thursday that he was concerned fossil fuel companies were doubling down on oil and gas while moving away from renewable energy investments.

Kerry said that he planned to contact the companies that have recently laid out plans to slow investment in green technologies in an effort to learn more, Politico reported. But the top Biden administration official expressed concern that without fossil fuel companies' commitments, the green energy transition could be hampered.

"If they have a plan and they know that they can reduce the emissions, then it's an understandable decision," Kerry told Politico in an interview. "But as of this moment, we just don't see the technology and capacity to be able to bring it to scale in a commercially viable way. And we need those kinds of assurances."

"They're critical to the transition," he continued. "I accept that."

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Since assuming his position, a high-level role in the State Department that gives him a spot on President Biden's Cabinet, Kerry has traveled worldwide, attending high-profile climate summits and diplomatic engagements in an effort to push a global transition from fossil fuels to green energy alternatives. Kerry has also used his platform to criticize fossil fuel companies for their contribution to climate change and push large banks to shift capital away from oil and gas.

Earlier this week, billion-dollar oil companies Shell and BP announced they would scale back net-zero investment plans to allow greater focus on traditional fossil fuel projects. Both companies have extensive investments in wind, solar, hydropower and bioenergy.

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"We need continuing near-term investment into today’s energy system – which depends on oil and gas – to meet today’s demands and to make sure the transition is an orderly one," BP CEO Bernard Looney said on Tuesday. "We have high-quality options throughout our portfolio, allowing us to choose only the best."

"We will prioritize projects where we can deliver quickly, at low cost, using our existing infrastructure, allowing us to minimize additional emissions and maximize both value and our contribution to energy security and affordability."

A BP spokesperson said the company's recent strategy announcement showed it was "leaning further IN" to its existing strategy and still aimed to reach net zero by 2050 or sooner.

Both BP and Shell, in addition to other major oil companies, also reported record annual profits, sparking criticism from President Biden and Democrats who have accused the fossil fuel industry of price gouging amid an energy crisis.

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"Big Oil just reported its profits. Record profits. Last year, they made $200 billion in the midst of a global energy crisis," Biden remarked during his State of the Union address on Tuesday. "I think it’s outrageous."

Renewable energy companies, meanwhile, have reported significant losses as a result of supply chain issues, permitting hurdles and inflation.