Big oil and the energy transition

Abstract

Climate pledges are on the rise as businesses and governments seek to boost their public images and support the environment. Oil and gas, which make up nearly 55% of global energy consumption, is under particular pressure to reduce emissions. According to a recent report by the United National Environment Programme, the expected 2030 fossil fuel production outlined in government plans will be more than twice the amount of what would be consistent with limiting warming to 1.5°C.