Oil majors are at the sharp end of the climate debate and face a bewildering balancing act to secure their futures. It’s a Catch-22 situation: to meet ambitious emissions targets by investing in low-carbon technologies, they will have to rely on revenue from expanding their businesses in oil and gas, for which there is still growing global demand. On one hand, they must satisfy the big investors who are rewarding companies with progressive climate policies and dumping heavy polluters; yet on the other, they can’t risk cutting the generous dividends that keep shareholders sweet. How energy companies navigate this maze could determine the winners and losers in a lower-carbon future, and help govern whether the world […]