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COP27 exposed some realities about the oil and gas sector’s climate ambitions. A UN report released during the summit called out the sector’s greenwashing and weak net-zero commitments as the industry had a massive lobbying presence at COP that outnumbered almost all other nations and likely impaired the negotiations around phasing out fossil fuels. The oil and gas sector’s activities at COP27 follow another massive quarter for Canadian oil-sands companies, with quarterly net earnings staying near $2 billion . In theory, these companies’ financial strength should position them to invest aggressively in their energy transition. But, as Canada’s environment minister, Steven Guilbeault, pointed out recently , they are not doing so. Worse, they continue to lobby against climate action. Oil and gas companies need to invest today if they are to have any hope of meeting 2030 emissions reduction targets and reducing their exposure to climate risks. The longer they wait, the more the risk grows, not only to themselves, but also to their investors and to anyone who depends on a functioning climate. While delaying direct investment to reduce their emissions, Canadian oil-sands companies have been very active with a public relations effort called the Pathways Alliance. This […]
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