Oil and gas majors are starting to seriously consider — or, at least, consider — the threat the energy transition presents to their core business. While no major has made investments in clean energy that come close to rivalling the money it spends on oil and gas, companies like Equinor, Total and Royal Dutch Shell have now collectively sunk billions into the industry. According to Bloomberg New Energy Finance (BNEF), oil majors doubled their acquisitions, project investments and venture capital stakes in clean energy between 2015 and 2016.