The global oil & gas industry is directing just 1.3% of total capital expenditure into developing low carbon areas of its business, with European majors leading what progress there is, according to a new study.

Equinor, Total, Shell and Eni are the sector’s leading lights in low-carbon Capex, according to climate investment research specialist CDP.

The European fossil industry in general is outperforming the rest of the world, with an annual spend of up to 7%, CDP said after a study of 24 companies globally.