https://www.theguardian.com/us-news/2023/jul/16/big-oil-climate-pledges-extreme-heat-fossil-fuel

Energy firms have made record profits by increasing production of oil and gas, far from their promises of rolling back emissions

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Oil majors have, over the past several years, rolled out pledges to decrease oil and gas production and slash their emissions, citing concerns about the climate crisis. But more recently, many have walked those plans back.

Amid record-shattering warmth this February, BP scaled back an earlier goal of lowering its emissions by 35% by 2030, saying it will aim for a 20 to 30% cut instead. ExxonMobil quietly withdrew funding for a heavily publicized effort to use algae to create low-carbon fuel. And Shell announced that it would not increase its investments in renewable energy this year, despite earlier promises to dramatically slash its emissions.

Climate-fueled extreme weather persisted through spring and summer. But fossil fuel companies have only doubled down on their oil- and gas-filled business models. Shell promised to cut oil production by 20% by 2030, but then this year said it already met that goal by selling off some operations to another oil company –thereby not reducing emissions in the atmosphere. BP has also expanded gas drilling. And Exxon’s CEO, Darren Woods, told an industry conference last month that his company plans to double the amount of oil produced from its US shale holdings within the next five years.

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https://www.theguardian.com/us-news/2023/jul/16/big-oil-climate-pledges-extreme-heat-fossil-fuel