New York Times reports oil companies have spent 50 times as much on oil & gas R&D as all renewable energies combined since 2004; and reducing renewable energy investment

The New York Times profiled the efforts of the oil industry in biofuels and other renewable energies, saying that the top five oil majors have spent $5 billion on renewable energy development since 1994, compared to $50 billion by venture capitalists and other corporate investors in that time frame.

The American Council on Renewable Energy told the Times that, for example, oil companies spent 50 times as much on oil & gas projects since 2004 than on alternative energy projects.

ExxonMobil continues to project that hydrocarbons - including oil, gas and coal will account for 80 percent of energy supply in 2050, Shell recently announced that it will focus on biofuels and pare back investments in other renewable energies.