Preview/The_Power_of_Big_Oil/The Power of Big Oil.txt

Overview
Climate Emergency:
2024 is projected to be the warmest year on record, with global temperatures exceeding 1.5°C above pre-industrial levels.
Human-caused climate change, primarily driven by burning fossil fuels, is the key contributor to this crisis.
Role of Oil:
Oil remains the most consumed fossil fuel, underpinning transportation, electricity, industrial processes, and even plastics production.
The oil industry contributes about one-third of global carbon emissions, making it central to climate challenges.
Big Oil
Refers to the world's largest oil and gas companies, including state-owned entities.
Economic Power:
Generated $1 trillion in annual profits (1970–2020), peaking in 2022 due to energy price spikes post-Ukraine invasion.
Paid $111 billion to shareholders in 2022 alone.
Political Influence:
Funds academic research favorable to its interests.
Strong presence at global climate summits, with record lobbyist numbers at COP28, surpassing the combined representation of the 10 most climate-vulnerable nations.
Challenges to Climate Action
Industry Awareness and Negligence:
Major oil companies were aware of fossil fuels’ climate impact since the 1950s but ignored warnings.
Trillions continue to flow into fossil fuel development despite the International Energy Agency's (IEA) call for no new oil and gas projects to achieve net-zero by 2050.
Strategies to Delay Energy Transition:
Downplaying renewable energy viability.
Framing renewables as a threat to energy security and affordability.
Promoting market-based solutions over systemic changes.
Big Oil’s Role in Emissions
Oil and gas contributed over 50% of global fuel combustion emissions in 2022.
Investments in clean energy remain marginal:
$30 billion in 2023, only 4% of total capital expenditure.
Companies claim leadership in renewables and carbon capture technologies, but progress is slow.
Public Relations and Influence
Uses PR campaigns, media sponsorships, and think tanks to shape narratives favoring fossil fuels.
Promotes the perception of being essential to energy security while undermining renewable growth.
Key Figures and Observations
Scope 3 Emissions:
These emissions include customer combustion of fuels, the largest contributor to Big Oil’s carbon footprint.
Production Trends:
Short-term increases in production despite long-term plans to peak or decline.
Contradicts global calls for emission reductions.
Criticism and Calls for Action
Environmental and Social Costs:
The relentless pursuit of profit exacerbates climate breakdown and creates climate refugees.
Delayed energy transitions increase the risk of catastrophic climate impacts.
Lack of Regulation:
Fossil fuel executives resist voluntary emission cuts.
Meaningful progress requires enforceable policies from global leaders.
Conclusion
The fossil fuel industry remains a primary obstacle to climate action despite being aware of the consequences for decades.
Leaders must take decisive steps to regulate and transition away from oil dependency, leveraging existing solutions to address the climate crisis.
The urgency of the situation demands global solidarity and immediate action to avert further damage.