Behind all the talk, this is what Big Oil is actually doing

IF YOU’VE been listening to the world’s major energy companies over the past few years, you probably think the clean energy transition is well on its way. But with fossil fuel use and emissions still rising, it is not moving nearly fast enough to address the climate crisis.

In June, Shell became the latest of the big oil companies to curb plans to cut oil output, announcing that it will no longer reduce annual oil and gas production through the end of the decade. The company also raised its dividend, diverting money that could be used to develop clean energy. BP’s share prices surged earlier this year when the company walked back its plan to reduce oil and gas output.

The industry can point to efforts to reduce emissions and pursue green energy technologies. But those efforts pale in comparison with what they are doing to maintain and enhance oil and gas production. As the International Energy Agency (IEA) put it, investment by the industry in clean fuels “is picking up”, but “remains well short of where it needs to be”.