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Big oil wisely acts as a climate ally, but the rising crude price is far from net zero
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Executives at big oil and gas companies, at least the European ones, have spent the past two years trying to change the narrative. The likes of BP and Shell have trumpeted their net zero plans, declared themselves to be “transitioning” to a cleaner energy future and talked up the historical significance of new targets. Think of us as part of the solution, was the message.
To climate activists and politicians demanding faster decarbonisation, the industry’s reply has been that switching off investment in oil and gas too quickly would create a supply crisis: instead what’s needed are “integrated” energy companies that can recycle cashflows from hydrocarbons and build the green infrastructure of tomorrow.
And, up to a point, the pitch has
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