Shell is Looking Forward (Malcolm Harris)
From a certain vantage, the momentum looks almost definitive, as though nothing could stand in the way of a renewable future. But unlike coal, oil and gas companies are still definitely profitable, even investable, and more oil and gas are being produced, and used, every year — which helps explain why carbon emissions keep rising too. There’s little doubt that fossil-fuels are, culturally speaking, on the wrong side of history. But there is still a lot more money to extract from those wells, and the fossil-fuel businesses are intent on extracting as much as they can.
These companies aren’t planning for a future without oil and gas, at least not anytime soon, but they want the public to think of them as part of a climate solution. In reality, they’re a problem trying to avoid being solved.
In the corporate sector, there’s still faith at the top that economic incentives and profit-seeking behavior can manage the crisis that capitalism has wrought. In such thinking, climate change is like a redux of the hole in the ozone layer: potentially bad but solvable with the tools on hand and without real changes to our lifestyles.