The Guardian reports that despite an overwhelming scientific consensus that burning fossil fuels drives global heating, the world's largest oil companies are planning to expand production rather than cut it. According to analysis from the London School of Economics' Climate Transition Centre, Shell, ExxonMobil, Chevron and seven other listed firms intend to raise output by an average of 14% between 2024 and 2030. The piece argues this matters because the expansion runs directly counter to the Paris climate agreement and comes as much of the northern hemisphere endures record-breaking, deadly heat.

The article notes the planned increase far exceeds even the International Energy Agency's business-as-usual scenario of a 5.9% rise, which is itself associated with a catastrophic 2.9C temperature rise by 2100; the IEA has stated that meeting Paris goals requires no new long-term oil and gas projects. It attributes the shift to a focus on shareholder value over environmental responsibility, aided by high prices from Middle East conflicts. BP is highlighted as a case study: having once pledged a 40% production cut under former CEO Bernard Looney, it diluted this to 25%, slashed renewables spending by $3bn, raised oil and gas investment to $10bn a year under current CEO Meg O'Neill, and saw profits more than double last quarter. The author calls for government subsidies to be replaced with windfall taxes.