Oil industry has sought to block state backing for green tech since 1960s

Since the 1960s, the oil sector has consistently opposed government support for renewable energy while benefiting from its own subsidies.

Even though oil companies have received significant government funding, they have lobbied to restrict funding and weaken policies aimed at advancing solar panels, electric vehicles, and other green technologies.

The Guardian's investigation reveals that oil lobbyists have argued against government investment in clean tech, claiming it skews the free market, despite the industry enjoying favorable subsidies. In 2022, fossil fuel subsidies in the US and EU were estimated at $760 billion and $310 billion respectively, by the IMF.

The oil industry's actions have potentially slowed down crucial low-carbon technologies. For example, the American Petroleum Institute (API) opposed energy-saving measures and electric vehicle development, while FuelsEurope advocated for the continued use of combustion engines.

Industry giants have made some investments in clean energy, but a report by the International Energy Agency indicates these efforts are minimal, as oil and gas companies contribute only 1% to clean energy investments.

To align with the Paris Agreement goal of limiting global warming to 1.5°C, these companies must massively increase their investment in clean energy.

While the API and FuelsEurope claim they are working to reduce emissions, critics argue their actions and investments do not match the urgency required to combat climate change effectively.

The history of technological transitions shows that new companies, rather than incumbents, often drive innovation—pointing out the oil industry's reluctance to embrace renewable energy as self-preservation, instead of a genuine lack of viable alternatives.