Oil firm bosses’ pay ‘incentivises them to undermine climate action’

Lucrative pay and share options linked to continued extraction of fossil fuels by ExxonMobil, Chevron, Shell and BP

Lucrative pay and share options have created an incentive for oil company executives to resist climate action, according to a study that casts doubt on recent net-zero commitments by BP and Shell.

Compensation packages for CEOs, often in excess of $10m (7.2m), are linked to continued extraction of fossil fuels, exploration of new fields and the promotion of strong market demand through advertising, lobbying and government subsidies, the report says.