Even as international climate negotiators tried to make progress at the UN climate summit in Madrid in early December, fossil fuel production and consumption has continued to rise, and major oil companies have been seeking new horizons to exploit.
The industry is not slowing down, even in the face of the worsening climate crisis. Although many oil companies signed on to the Paris Climate Agreement, they have simultaneously poured $50 billion into projects since 2018 that are not aligned with climate targets. The industry also has plans to invest $1.4 trillion in new oil and gas projects around the world over the next five years, despite the fact that existing projects contain enough greenhouse gases to use up the remaining carbon budget.
In other words, the oil majors are actively betting on, and are heavily invested in, blowing past climate targets and burning as much carbon as possible, despite protestations from company executives that they are good-faith actors.