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    Michael Hiltzik: Big oil companies are already reneging on their global warming promises

    If there's an enduring truism about corporate promises to do well by doing good, it's that believing them is a mug's game. Latest case in point: The promise by some of our largest fossil fuel companies that they would be in the forefront of the transition to renewable energy. In the last few days, two of the companies that made the most grandiose promises, BP and Shell, have backed away from ...
    by Michael Hiltzik, Los Angeles Times Feb 09, 2023 5 minutes
    Gas and diesel prices over $6 and $7 per gallon are seen at a Shell station on International Boulevard in Oakland, California, on Thursday, March 10, 2022.

    If there's an enduring truism about corporate promises to do well by doing good, it's that believing them is a mug's game.

    Latest case in point: The promise by some of our largest fossil fuel companies that they would be in the forefront of the transition to renewable energy.

    In the last few days, two of the companies that made the most grandiose promises, BP and Shell, have backed away from their pledges about investments in renewable sources such as solar and wind.

    On Tuesday, for example, BP Chief Executive Bernard Looney revealed that the company now expects its oil and gas production in 2030 to fall about 25% below what it was in 2019; previously, the company projected a reduction by 40%.

    The company also scaled back its projection of emissions from its oil and gas production to a 20% to 30% reduction from 2019 levels by 2030, down from its

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