Why Advertisers Are Returning to Big Oil Despite Net-Zero Pledges

Group 1 - The advertising and marketing industry is retreating from net-zero commitments and is increasingly seeking business from the energy sector, similar to trends observed in financial services [1][2] - Advertisers are rephrasing their decarbonization messaging and rediscovering the energy industry as a lucrative client, driven primarily by financial incentives rather than political rhetoric [2][3] - Data from Clean Creatives indicates that advertising and PR agencies have increased contracts with energy clients over the past year, suggesting that the financial viability of net-zero campaigning is being questioned [3] Group 2 - The trend of banks pulling out of net-zero organizations began in 2022, influenced by legislation in Texas that restricted state investments in companies perceived to boycott the oil and gas industry [4][5] - Other states have followed Texas in criticizing banks and asset managers for their selective investment strategies, while these institutions continue to assert their net-zero commitments [5] - The CEO of Barclays acknowledged the ongoing reliance on fossil fuels, indicating that the financial industry cannot abruptly cease financing oil and gas projects, despite previous pledges [6]