English references

For most of the modern era, capitalism justified itself through growth. Industrial societies converted vast amounts of fossil energy into production, wealth, and rising living standards. Roads, bridges, power grids, schools, and public institutions expanded alongside the economy. Inequality and exploitation remained deeply embedded in the system, but they were partly obscured by a broader story of material progress.

European and US oil and gas majors have made profits of more than a quarter of a trillion dollars since Russia invaded Ukraine, according to a new analysis by Global Witness marking two years since the conflict began. After posting record gains in 2022 off the back of soaring energy prices, the big five fossil fuel companies paid shareholders an unprecedented $111 billion in 2023. In the hottest year ever recorded, this figure is some 158 times what was pledged to vulnerable nations at last year’s COP28 climate summit.

Energy firms have made record profits by increasing production of oil and gas, far from their promises of rolling back emissions

Failing, heavily subsidized private oil companies enjoy the profits of oil extraction while the rest of us pay in tax dollars, human rights abuses, and an unlivable climate. Oil and gas companies are a political structure: they possess private, authoritarian dominion over the pace and volume of oil and gas production, and thus of important determinants of global emissions. These emissions and their consequences do not respect any sort of public/private distinction, nor borders, nor the rights to clean air or clean water.