Industry: Turning the Titanic

Abstract

Chapter 5 examines the structure and role of the oil industry and details the various actors that make up the industry. It argues that self-reported greenhouse gas (GHG) emissions are not comprehensive or trustworthy. There are too many ways that companies can game emissions reports. Different companies are surveyed to separate the leaders from the laggards. The investigation reaches beyond multinational and national oil and gas companies and touches upon industry actors in the wings: investors, industry advisers, traders, and certification agents. Efforts to establish industry benchmarks are laid out. The chapter recommends rethinking self-regulation and concludes with a challenging premise about whether the goal is to defeat or partner with the oil and gas industry to effectively combat climate change.