Major oil and gas companies are increasingly recognizing the reality of the climate crisis, yet many continue to avoid fully accepting their role in driving it. Firms such as ExxonMobil, BP, and Shell now publicly support climate action and have set net-zero targets. However, reports show that these companies still invest hundreds of billions of dollars in new fossil fuel projects, even as scientists warn that no new oil and gas expansion is compatible with limiting global warming to 1.5°C, a threshold outlined by the Intergovernmental Panel on Climate Change.
Investigations have also revealed a gap between public messaging and actual business strategies. While companies promote low-carbon initiatives, the majority of their capital expenditure—often over 80%—continues to go toward fossil fuel production. Critics argue that this approach delays meaningful climate progress and locks in future emissions. Legal and public pressure is growing worldwide, with lawsuits and policy debates increasingly targeting corporate accountability. Experts stress that acknowledging the crisis is no longer enough—real impact will depend on how quickly these companies shift investments away from fossil fuels and toward clean energy systems. More