Big Oil’s climate flight

Hydrogen is key to strategy to decarbonise, with the development of ‘green’ refineries showing how it can be done

From increasing shareholder activism to shifting political tides, Big Oil has reached a tipping point in its fight against climate change. But the industry can remain resilient in the face of such strong headwinds while playing an active role in the global energy transition. In May 2021, the IEA warned that there can be no new investments in oil and gas if the world is to reach net zero by 2050. One week later, three of the world’s largest oil and gas companies—Shell, ExxonMobil and Chevron—were dealt crushing blows as boardrooms and courtrooms alike mandated they set more aggressive emission reduction targets. Praised by climate activists as a much-needed wake-up call for the industry, thes