Making oil is more profitable than saving the planet. These numbers tell the story

NATIONAL PUBLIC RADIO • December 12, 2023

Oil companies have long been under pressure to invest more money into renewable energy to help fight climate change. Here's one simple reason why that's not happening: Right now, oil makes a lot more money. Energy companies spend a lot of money every year. Picture a giant Scrooge McDuck-style mountain of cash, to the tune of $800 billion. According to the International Energy Agency, the oil industry would need to spend 50% of that on clean energy by 2030 to be on track to meet global climate targets. But right now, oil companies are spending just 2.5% of their capital, collectively, on green power.