This is quite surely about some combination of greenwashing and desire to have a seat at the table to interfere with negotiations, rather than any kind of sincere desire to go along with decarbonization.
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The bigger oil and gas companies want just enough regulation to make it easier for them to force out smaller companies for whom hitting these targets is more difficult, but no more than that. These big companies often are so vertically integrated that they can design systems across sectors of the industry that do actually emit less than older equipment segmented by lots of smaller companies. It’s a sad fact that increasing climate protections tends to consolidate oil and gas corporate power into fewer and bigger companies because it’s going to make the last mile of the transition from fossil fuels that much harder.
They also have the ability to use reforestation to offset carbon output, which is total bs.