TotalEnergies leads Shell, BP in renewables race, but shares sag

French energy giant TotalEnergies (FR.TTE) has pulled ahead of rivals Shell and BP in the race to build up a renewables business, data collected by Reuters shows.

But despite the growing focus on the climate, investors remain cautious for now, with shares of the three European giants trailing their oil and gas-focused U.S. rivals Exxon Mobil and Chevron so far this year.

TotalEnergie's shares have also significantly underperformed its British rivals, even after the company reported record profit in the third quarter of 2022 thanks to its thriving oil and gas operations and near-zero debt.