It wasn’t long ago that oil giants were trying to outdo one another with promises to cut carbon emissions and take on climate change. In 2020, the price for a barrel of oil briefly plunged below zero, and the world’s largest oil and gas companies portrayed themselves as getting serious about renewables. BP promised to slash its emissions, Shell pledged to go “net zero,” and ExxonMobil trumpeted its efforts to transform algae into fuel.
But in recent weeks, these oil giants have begun tapping the breaks on these much-publicized initiatives. BP walked away from its target to reduce emissions by 35 percent by 2030 — once lauded as the most ambitious, tangible goal in the industry — promising a cut between 20 to 30 percent instead. Shell said it would not increase spending on renewable energy this year, contrary to expectations. Meanwhile, Exxon has pulled back funding from its decade-long algae effort.
These quiet announcements coincided with their recent blockbuster earnings reports, which were celebrated by executives and excoriated by politicians like President Jo... Read more
