Democratic legislators in the US have accused major oil companies of engaging in “a sophisticated campaign of deception and doublespeak” aimed at thwarting meaningful climate action and preserving their substantial profits, according to a new report released.
This report concludes a nearly three-year investigation by Democrats on the House Oversight and Reform Committee, involving document requests from Exxon Mobil, Chevron, Shell, BP, the American Petroleum Institute, and the US Chamber of Commerce.
Compiled in conjunction with Democrats from the Senate Budget Committee, the report charges oil companies with a range of malpractices, including publicly supporting the Paris Climate Agreement while internally acknowledging that their business models are incompatible with such scenarios.
The report also claims that these companies have misleadingly promoted natural gas as a bridge to a cleaner future while ignoring its significant environmental impacts.
The oil industry is also accused of funding universities worldwide to gain support for the notion that fossil fuels are part of the energy transition.
Rep. Jamie Raskin of Maryland stated, “Major oil companies continue to obscure the truths about their business models and the real risks of fossil fuels, including natural gas, to hinder the climate action we need.
Despite knowing the devastating impacts of their oil and gas products on the planet for decades, the industry has always prioritized its bottom line, favouring low-level PR tactics over a genuine commitment to addressing the crisis quickly.”
Ahead of a Senate Budget Committee hearing on Wednesday on “the sophisticated efforts by major oil companies to avoid accountability for climate change,” lawmakers also released hundreds of accompanying documents.
Among those scheduled to participate in the hearing is Raskin, a leader of the Democrats on the Oversight Committee, who has previously released reports alleging that oil companies spread misleading information about climate change and obstruct climate action measures.
The report also criticizes oil companies for promoting costly and futuristic climate solutions, like algae biofuels and carbon capture, while failing to invest sufficiently in advancing these technologies.
Specifically, the report highlights Exxon, which had promoted its algae initiative in television advertisements for years, pledging to produce 10,000 barrels per day by 2025.
Exxon gradually abandoned this initiative last year, as first reported by Bloomberg Green.
Exxon officials told Bloomberg Green last year that the company withdrew from the algae initiative to focus on other low-carbon technologies, such as carbon capture, hydrogen, and biofuels, which it considered more ready for implementation.
