In February 2022, Russia’s invasion of Ukraine disrupted global energy markets and shifted attention towards energy security. Today, we’re seeing the fragility of the global fossil fuel markets due to the escalation involving Iran and the wider Middle East, which is spiking oil prices. In previous years, especially after the Paris Agreement, several oil majors had set net zero ambitions and committed to a sustainable transition, even though they continued to invest in fossil fuels. However, once oil and gas companies experienced record profits in 2022, they abandoned transition plans and refocused on fossil fuel production and shareholder returns.
Our evidence documents how, between 2020 and 2024, oil and gas campaigns shifted from setting climate targets and saying “we’re part of the solution” to emphasizing fossil fuel dependence and convincing people “you can’t live without us.” In parallel, we saw shareholders follow suit and move from supporting climate action to prioritizing fossil fuel profitability. Toxic Accounts is the first-ever qualitative project to decode the narrative shifts in fossil fuel campaigns between 2020 and 2024 and present the new oil and gas playbook.