The Green Transition, a beacon of hope for climate activists, faces an unexpected challenge as fossil fuel giants reap record profits. The International Energy Agency’s October announcement that global carbon emissions might have peaked was initially optimistic. However, the surge in profits for major oil and gas companies raises questions about the effectiveness of the green shift. In 2022, the industry earned nearly $4 trillion, outstripping previous years by two to three times. Even in 2023, considered a downturn, the top five companies are expected to distribute over $100 billion in dividends and buybacks.
This apparent contradiction forms the core of Brett Christophers’s upcoming book, “The Price Is Wrong.” As a political economist and professor at Uppsala University, Christophers critically assesses the green transition and its public discourse. Despite the growing importance of renewables and the accelerated pace of the green shift, fossil fuel behemoths continue to thrive. Christophers delves into this paradox, exploring the complex dynamics shaping the global decarbonization narrative.
Christophers, known for his work on the “asset manager society” and “rentier capitalism,” brings a coolly argumentative perspective to the table. His analysis challenges common perceptions and calls attention to the evolving landscape of climate action and economic interests. The question remains: How can the success of major fossil fuel corporations coexist with the urgency of transitioning to a sustainable, low-carbon future?
In a changing climate and world, Christophers engages with this pivotal question, offering insights into the intricate relationship between profits, sustainability, and the broader narrative of the green transition. “The Price Is Wrong” promises to be a thought-provoking exploration of the challenges and complexities embedded in the pursuit of a more sustainable global energy landscape.