European oil stocks dealt €360bn blow while renewables surge

FINANCIAL TIMES 🔒 | Big European oil and gas companies have shed more than €360bn in market value this year while renewable energy stocks and technology companies focused on cleaner fuels have surged.

The gulf in performance between the two groups highlights how investors are betting on a transition away from fossil fuels, while oil majors such as BP and Royal Dutch Shell grapple with a brutal downturn in crude prices and how to execute their own shift towards greener forms of energy.

The 16 oil and gas groups on Europe’s blue-chip Stoxx 600 index have taken a €364bn, or 53 per cent, tumble in market value, according to a Financial Times analysis of Bloomberg data based on Wednesday’s closing prices.

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