Oil companies and petrostates are investing heavily in fossil fuels, in defiance of global targets. They must be stopped
These are frightening times. It is shocking to learn that just a few months after the show of international common purpose at the Cop26 climate summit in Glasgow, countries including the US, Canada and Australia are among those with the most destructive oil and gas projects, threatening to shatter the target of limiting global heating to 1.5C. A Guardian investigation has revealed that the world’s biggest fossil fuel firms have 195 “carbon bomb” projects that would each emit at least 1bn tonnes of CO2 – and that 60% are already under way. Only last month, the International Committee on Climate Change warned that the world is on course to overshoot the 1.5C target, prompting António Guterres, the UN secretary general, to describe governments investing in new fossil fuels as “dangerous radicals”. On Monday, a new forecast warned that the probability of one of the next five years exceeding the 1.5C limit was 50%.
In the face of these stakes, and this evidence, the actions of the world’s biggest energy companies are perplexing as well as enraging. Why are energy giants continuing to invest in fossil fuel projects capable of causing such colossal harm? One expert suggests “a form of cognitive dissonance” is behind the refusal or inability of governments, as well as businesses, to change course in spite of the risks. Another says the scale of planned production suggests oil companies are still in denial about global heating, whatever they publicly claim – or have “complete disregard for the more climate vulnerable communities, typically poor, people of colour and far away from their lives”. One climate activist attributed such recklessness to a “colonial mindset”, which could equally be described as genocidal given the severity of the expected consequences of unchecked heating.
