In recent years the oil industry has shifted from climate change denialism to advocacy of the Paris Agreement, championing sustainability in an apparent assertion (rather than rejection) of corporate responsibility. Meanwhile growth forecasts continue unabated to finance the industry’s enthusiasm for upstream ventures in uncharted territories. How do extractive companies, and those who work in them, square this contradiction? Fieldwork among oil company executives points to a new wave of techno-optimism: a deus ex machina that will descend from the labs of corporate research and development (R&D) labs to reconcile these irreconcilable imperatives. Rather than denial, the projection of win-win synergies between growth and sustainability involves a suspension of disbelief; an instrumental faith in the miraculous power of technology that tenders salvation without forsaking fossil fuels, or restructuring markets.
Macrofinancial Causes of Optimism in Growth Forecasts
