Certain oil companies have spent much of the last decade telling the public how committed they are to funding renewable energy. Now, as they continue to rake in record profits from high oil prices, they’re walking back that rhetoric and whatever modest plans accompanied it. This retreat challenges one of the hallmark assumptions of the energy transition, as well as the Inflation Reduction Act: that once solar and wind are cheaper than fossil fuels, they will outcompete them. What if, however, wind and solar aren’t as profitable as dirtier forms of energy?“If we see value, we’ll do it. If we don’t, we won’t.”BP—which made more money than at any point in its 114-year history last year—reported
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