The recent surge in oil prices has seen Anglo-Dutch oil major Shell post its highest profits since late 2018 for Q2 2021, prompting both a ramped-up dividend and an accelerated share buyback scheme. This era of financial fortune has not, however, translated to the promised shift towards renewable energies, with less than 15% of capital over the next five years set to be allocated to low-carbon technologies. Of Shell’s expected $115 billion spend over the next five years, only $15 billion is earmarked for low-carbon technologies, while the rest will be allocated to oil and gas Capex. Higher oil prices will mean that more value can be extracted from oil majors’ existing businesses. But their transition can only be realized…