Many of the largest petroleum companies are going all in on carbon capture and storage research. While this seems like an admirable and responsible business approach, it's also a very strategic survival tactic. Petroleum refineries account for approximately
13% of industrial carbon monoxide emissions in the US. CO2 is the leading cause of climate change and global warming. A greater worldwide sense of urgency to reverse this trend has prompted government initiatives to move away from fossil fuels like oil, coal and natural gas. The US goal of net zero emissions by 2050 will require a major commitment to decarbonization. The movement away from fossil fuels and towards renewable, sustainable forms of energy must happen for this to occur. There is no doubt investing in carbon capture and storage technology is good for the environment. Yet, many of these large corporate green initiatives may also advance a more self serving corporate agenda. It's a good business practice that may at least temporarily stave off the decline of the petroleum industry.