The reigning narrative of impending global environmental catastrophe dominates the airwaves and print media. Short of a drastic reduction in the use of fossil fuels, it is asserted, we are fast approaching the “end of days”. The demonization of fossils fuels in general, and coal in particular, has been wrought under pressure from special interests groups and organized lobbies of the climate-industrial complex where aspects of economic reality are caricatured or presented out of context. Complex trade-offs in energy policy are spun into tales of spurious simplicity, leading to misleading conclusions.

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Oil and gas companies are facing competition from renewable energy and electric vehicles, a global campaign against the use of plastics and increasingly stringent climate targets. In the face of these challenges, shareholders want them to prioritize returns to investors rather than endless growth.

Most oil and gas companies are jeopardizing shareholder returns  by rewarding bosses for endlessly chasing growth in a world where pressure to meet climate targets and sharp falls in renewables costs are set to eat into future demand , finds a report from The Carbon Tracker Initiative, a not-for-profit financial think tank that seeks to promote a climate-secure global energy market by aligning capital markets with climate reality.

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