Why invest in the future when you can squeeze the last dollars out of the apocalypse?
Well, well, well—look who’s back at it. Shell, the undisputed heavyweight champion of environmental disregard, has once again reminded us that its idea of “transition” involves moving from one yacht to another, not from oil to renewables. Welcome to the age of Big Oil’s “managed decline,” which is just a posh way of saying: we’re scaling down investment in the future so we can keep setting fire to the present more profitably.
Let’s cut through the fossil-fuel fog: Shell, the ultimate sin stock (proudly held by climate-conscience titans like BlackRock), has decided to lower its annual spending target to $20–22 billion through 2028, down from the already-not-exactly-ambitious $22–25 billion. At the same time, it has graciously committed to keeping oil output flat at 1.4 million barrels per day—because what’s good for emissions is good for business, right?