COP27 exposed some realities about the oil and gas sector’s climate ambitions. A UN report released during the summit called out the sector’s greenwashing and weak net-zero commitments as the industry had a massive lobbying presence at COP that outnumbered almost all other nations and likely impaired the negotiations around phasing out fossil fuels.

The oil and gas sector’s activities at COP27 follow another massive quarter for Canadian oil-sands companies, with quarterly net earnings staying near $2 billion. In theory, these companies’ financial strength should position them to invest aggressively in their energy transition. But, as Canada’s environment minister, Steven Guilbeault, pointed out recently, they are not doing so. Worse, they continue to lobby against climate action.