Major companies abandon high-profile promises with no explanation: 'The public loses faith in the entire system'

by Robert Crow

Numerous companies announced at a prominent energy conference in March that they will invest more heavily in oil and gas, scaling back past commitments to renewables. The news has drawn criticism from environmental advocates.

What's happening?

At CERAWeek, an annual meeting focused on the energy industry held in Houston, Texas, The Guardian reported that some companies made their boldest public statements yet on pushing more money and resources toward fossil fuels.

Murray Auchincloss, chief executive officer at BP, for example, said at CERAWeek that he is "super excited" his company has kicked off an initiative that will cut $5 billion from a previously announced green strategy while increasing its annual oil and gas investments to $10 billion. 

Shell CEO Wael Sawan said the company is "simplifying" its business to grow gas projects, according to The Guardian, echoing an earlier announcement that the company would pull back on renewable energy.

Conservationists have slammed the positions and questioned whether past statements of support for green, clean energy were made in good faith.

Tariq Fancy, former sustainability executive at investment firm BlackRock and current Stanford University lecturer, told the Washington Post for its coverage of the conference that "the public loses faith in the entire system when these companies say things are core commitments and values and then jettison them two years later because the political winds shift."