Planetary Challenges

Abstract

Abstract The extraction and consumption of fossil-fuel-based energy has underpinned the growth of global capitalism over the past two centuries, resulting in an industry dominated by some of the largest and most powerful companies in the world. However, the centrality of fossil energy to economic growth has also come at a huge environmental cost as escalating carbon emissions have generated a climate crisis that now threatens the future of organised human civilisation. This article explores the origins of the global fossil-fuel industry and its political response to the growing recognition of climate change and moves towards the decarbonization of economies. It highlights how the industry has engaged in various forms of political activity to defend itself from critique and delay the transition to a low-carbon economy. While this has been a successful strategy for over forty years, the article notes how the growing urgency of the climate crisis and the recent global pandemic pose fundamental threats to the continuation of fossil fuel expansion.