DATE: March 21, 2019
SNIP: The world’s five largest publicly traded oil companies are increasing their investments in oil and gas, putting a combined $110 billion in new fossil-fuel production.
Meanwhile, those firms are projected to spend just $3.6 billion on low-carbon investments, such as biofuels and renewables, according to a new analysis that Influence Map, a British nonprofit that analyzes corporate influence on climate policy, derived from industry data and numbers buried in company disclosures.
The reckless disparity comes just months after the United Nations warned that the world must rapidly phase out fossil fuel use over the next decade or face catastrophic global warming of at least 2.7 degrees Fahrenheit.
Exxon Mobil Corp., Royal Dutch Shell, Chevron, BP and Total together have spent more than $1 billion on public relations promoting green energy projects and lobbying on behalf of climate policy in the past three years, after virtually every nation on Earth agreed to cut emissions under the Paris Agreement.
The report found that the companies spent $195 million annually over the past three years promoting their role in helping to address the climate crisis.
The companies spent a combined $200 million a year lobbying on activities to influence climate change policy both directly and by funding trade associations, the report found.