HOUSTON — John Podesta, a top Biden climate aide, is giving the oil industry mixed grades on energy transition.
Why it matters: His remarks highlight wider tension on display at CERAWeek by S&P Global this year — and in past conferences, too.
Inside the room: "They're differentiated by their general commitments to invest in clean resources beyond carbon management, with companies like Equinor having very high targets and others sort of lagging," Podesta told reporters Tuesday.
But he did give the sector props for working on its own methane emissions.
State of play: Oil titans all say they're committed to climate but dispute the viability of rapid transition from fossil fuels.
They point to persistently strong and growing demand, and hurdles to scaling some alternatives like hydrogen and offshore wind.
But critics — a muted presence here at best — say the fossil fuels industry is passively responding to market realities and thwarting faster progress, even as the window to meet Paris Agreement goals narrows fast.
Catch up quick: The sharpest comments this week came from Saudi Aramco CEO Amin Nasser.
"We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately, reflecting realistic demand assumptions," he said Monday.
Zoom in:Reuters and the NYT have nice looks at this dynamic.
The bottom line: While COP29 brought a delicate consensus on the concept of moving away from fossil fuels, defining what that should look like is another matter.