The oil majors are basically all still exploring for new oil, even though we’ve already discovered enough to exceed net-zero targets and blast past 1.5C.
They argue that new techniques are cleaner and greener in terms of lifetime emissions, which means they can lower their carbon footprint by developing new resources. Of course, the old fields still exist too. They just sell them off to private equity firms who don’t have public investors to worry about.
In this way, the oil majors can point to their commitment to lower emissions while still wrecking the planet.
The oil majors are basically all still exploring for new oil, even though we’ve already discovered enough to exceed net-zero targets and blast past 1.5C.
They argue that new techniques are cleaner and greener in terms of lifetime emissions, which means they can lower their carbon footprint by developing new resources. Of course, the old fields still exist too. They just sell them off to private equity firms who don’t have public investors to worry about.
In this way, the oil majors can point to their commitment to lower emissions while still wrecking the planet.